DnB Markets - Besqab (BESQAB) Besqab (Hold, TP: SEK27.00) - Early signs of improving market

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DnB Markets

Niklas Wetterling

EUR 90.14 For Business Accounts Only

Besqab (Hold, TP: SEK27.00) - Early signs of improving market

Q4 POC-based adj. EPS of SEK0.4 was above our forecast of SEK-0.4, and Besqab started 108 units net, just above our estimate of 101. We maintain our unit starts forecasts, but have raised our 2025e adj. EPS due to project delays pushing more completions from 2024, and 2026–2027e on timing effects. However, we expect 2024–2026 IFRS-based earnings to be weak and volatile until merger synergies materialise, and a ramp up in project starts in 2025e. We reiterate our HOLD and SEK27 target price.

17/02/2025 1 EN

Underlying

Besqab

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Provider

DnB Markets

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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Analysts

Niklas Wetterling

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Besqab (Hold, TP: SEK27.00) - Early signs of improving market

Mixed upside potential, despite market recovery expectations

Wide peer valuation range on market recovery expectations

Takeaways from WindEurope

Europris (Buy, TP: NOK90.00) - Well-equipped for a harsher climate

The weekly navigator

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