Beijer Ref (Hold, TP: SEK188.00) - US market compelling long-term
We estimate Q1 sales of SEK7,190m and adj. EBIT of SEK663m. We have updated our model for the Heritage acquisition as well as the rights issue, which should significantly benefit EBIT for 2023–2025e (average annual change of c35%), but have a naturally far smaller effect on EPS. As a result of these changes and the updated peer valuation, we have raised our target price to SEK188 (175) while we reiterate our HOLD, given the 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.