Beijer Ref (Hold, TP: SEK145.00) - Another solid quarter ahead
We expect strong earnings growth again in Q3, although we have become increasingly cautious on cash-flow generation. We have raised our 2022–2024e adj. EPS; however, as peer valuation multiples have come down since our last update – combined with our weaker cash flow expectations – we have lowered our target price to SEK145 (158). We reiterate our HOLD as we see limited upside potential.
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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