Byggfakta Group (Buy, TP: SEK47.00) - Re-establishing growth credentials
Byggfakta’s Q3 results contained the building blocks we wanted: 1) organic ARR and net sales growth acceleration; 2) a double-digit consensus adj. EBITDA beat; and 3) strong cash flow. We still believe the main reason Byggfakta’s share price continues to edge lower is the first four letters in its name, and we see an attractive valuation at a 2023e P/E adjusted for M&A amortisation of 13x and 0.8x P/B. We reiterate our BUY and have raised our target price to SEK47 (46), having increased our 2023–2024e adj. EBITA by 4–5%.
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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