Report
Viktor Trollsten
EUR 90.62 For Business Accounts Only

Beijer Ref (Buy, TP: SEK430.00) - Achievable M&A not reflected

Beijer Ref appears well-positioned for accelerating EPS growth in the coming years from organic expansion and M&A. In our organic forecasts including announced M&A, we expect a 2020–2023e EPS CAGR of 21%, while we believe the balance sheet and new owner EQT open it up for additional M&A, which could add c25% to our 2023e EPS forecast. We reiterate our BUY and have lifted our target price to SEK430 (365).
Underlying
Beijer Ref AB Class B

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Viktor Trollsten

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