Byggfakta Group (Buy, TP: SEK59.00) - Sector risk looks overblown
Byggfakta’s share price has dropped 67% since its IPO, driving a multiples contraction to a 2022e P/E of 11x (adjusted for amortisations). We believe the perceived cyclical risk from its concentrated construction industry exposure is overblown as it saw organic growth during: 1) the Swedish real estate crash in the 1990s, 2) the 2008–2009 financial crisis, and 3) the pandemic. We see limited risks to our estimates and reiterate our BUY, but have cut our target price to SEK59 (61).
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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