Bergman & Beving (Buy, TP: SEK152.00) - Still a gap to 2025/26 ambition
The Q3 report showed continued solid delivery on the transformation programme, although FCF has yet to improve. We have tweaked our forecasts post-Q3, but updated our target price methodology, and rolled over our forecasts to 2025/26, matching the horizon for the CEO’s ambition of SEK500m in EBITA (our organic scenario still suggests further acquisitions would be needed to hit the target). We see potential in the CEO’s focus-model approach and reiterate our BUY with a raised target price of SEK152 (140).B&B Tools AB provides the industrial and construction sectors in northern Europe with industrial consumables, industrial components and related services. Co. has four business areas, Luna (Tools & Machinery), Skydda (Personal Protective Equipment), Essve (Fastening Elements) and Gigant & Grunda (Work Environment & Consumables), which supply TOOLS and other market channels with industrial consumables and related services. TOOLS is Co.'s market channel for industrial consumables and industrial components for Nordic industry. Via TOOLS, Co. has operation in Sweden, Norway and Finland.
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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