Beijer Ref (Buy, TP: SEK365.00) - A new sheriff in town
Private equity firm EQT has become the largest shareholder in Beijer Ref, which we believe brings an active owner into the decision-making that could accelerate the M&A agenda. We also believe EQT will be looking to improve profitability by increasing scale and efficiency in regions with below-group margins. To try to assess the long-term value, we looked at potential value if the company executes on M&A and margins. We reiterate our BUY and have raised our target price to SEK365 (335).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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