Byggfakta Group (Buy, TP: SEK50.00) - Still-fertile demand backdrop
In its seventh quarter as a listed entity, we expect Byggfakta’s Q1 results to highlight continued strength in the business model despite softer construction markets, with: 1) through-the-cycle organic growth; 2) improving net retention from lowered churn; 3) stabilising margins; and 4) strong FCF characteristics. We still believe the stock could be range-bound and a ‘show-me’ story, with investors looking for proof-points of its defensive elements, M&A integration trajectory, and ability to de-leverage the balance sheet. We reiterate our BUY and our SEK50 target price.
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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