Byggfakta Group (Buy, TP: SEK46.00) - Q3e the organic growth trough
We believe the main reason Byggfakta’s share price has continued to edge lower is the first four letters of its name. That said, Q3e should mark the sixth straight quarter in which it faces a tough construction backdrop, and we expect organic growth to not only be resilient YOY, but actually see a long-awaited acceleration, combined with stable profitability and strong cash flow. We still view the valuation as attractive at a 2023e P/E adjusted for M&A amortisation of 12x and a 0.7x P/B. We reiterate our BUY but have lowered our target price to SEK46 (47).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.