Beijer Ref (Hold, TP: SEK145.00) - Uncertain growth environment
Q2 missed our estimates, but management was confident that June and July sales indicate stronger organic growth ahead. We have lowered our 2023–2025e adj. EBIT by c8% on average and taken a more conservative stance on the valuation. We believe EQT’s likely continued sale of its Beijer Ref stake will remain a drag on the share price. We reiterate our HOLD, given the limited upside potential to reach our new SEK145 (178) target price.
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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