Beijer Ref (Hold, TP: SEK175.00) - Growth on track
Q4 adj. EBIT of SEK543m was in line with our estimate (driven by c18% organic growth YOY), flowing through to a margin of 9.3% (broadly in line with our forecast). We have raised our 2023–2024e adj. EBIT by c5% following the results. We have also raised our target price to SEK175 (160) to reflect recent peer multiples expansion; however, given the limited potential upside, we reiterate our HOLD.
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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