Byggfakta Group (Buy, TP: SEK61.00) - Awaiting growth acceleration
Byggfakta’s Q2 report was a relief, with a slight beat to Bloomberg consensus on headline numbers and outlook comments signalling that Q2 should mark the trough for its organic growth and margins. Our 2022–2023e adj. EBITA is broadly unchanged, and we highlight the double-digit profitable growth coupled with strong cash flow characteristics, despite the backdrop of a softer construction industry. Byggfakta is trading at a 2022e adj. FCF yield of 8%. We note that several publicly listed technology companies have been acquired by private equity in recent months. We reiterate our BUY and SEK61 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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