Beijer Ref (Hold, TP: SEK158.00) - Convincing growth at fair valuation
Following the Q2 results and a change of analyst, we have updated our valuation approach. While our view on Beijer Ref’s earnings growth remains fundamentally positive, we believe this is now reflected in the valuation, which is nearing historically high premiums versus Nordic green and rollup peers. We have downgraded to HOLD (BUY) and cut our target price to SEK158 (205).
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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