Byggfakta Group (Buy, TP: SEK59.00) - Defies construction concerns
Byggfakta’s first year of trading has met a lukewarm reception as the share price has dropped 60% since the IPO. Unlike what appears to be priced in, with 55%-points of the decline in our view driven by multiples contraction, we believe Byggfakta offers trough-cycle organic growth, high profitability with attractive FCF, and stability, despite its high construction exposure. This was demonstrated in the Q3 report. Trading at a 2023e P/E of 12x (adjusted for amortisation), to which we see fairly low estimate risk, we believe it is undervalued. We reiterate our BUY and SEK59 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.
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.