Bergman & Beving (Buy, TP: SEK130.00) - Continued good insider support
Bergman & Beving's Q3 report was mixed, with the underlying balance being positive, in our view, as the improvement within Workplace Safety seems sustainable whereas Building Systems’ weakness had more short-term explanations. We still see good upside potential in the mid-term operational improvement case with the share looking attractively valued after recent share price weakness. We reiterate our BUY with a new SEK130 (SEK140) target price, noting strong insider support in the shares adding conviction.
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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