Bergman & Beving (Buy, TP: SEK165.00) - CEO’s focus strategy delivering
The Q4 report showed a strong finish to 2022/23, with the group’s focus strategy driving profit margin expansion and FCF generation, even with organic sales growth still in the red. We see potential in the CEO’s focus-model approach and ambition to grow EBITA to SEK500m by 2025/26, highlighting possible short- and long-term value-creation from internal efficiency and acquisitions, similar to our value gap analysis. We reiterate our BUY and have raised our target price to SEK165 (152).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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