Bergman & Beving (Buy, TP: SEK72.00) - FX headwind needs mitigating
2019/20 turned out to be even more of a transition year for Bergman & Beving than we had envisaged, with volatile demand in the wake of Covid-19 and a still-challenging currency mix getting 2020/21 off to a bumpy start. With its financials in good order, we believe the company should weather the current challenges, and the valuation still looks attractive to us on our revised 2020/21–2021/22 forecasts. We reiterate our BUY, but have lowered our target price to SEK72 (105).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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