Byggfakta Group (Buy, TP: SEK61.00) - Double-digit FCF yield prospects
In our view, investors may well remain cautious on Byggfakta short-term given its aggressive M&A agenda as well as the low liquidity in the shares, private equity overhang risks, and limited operating history as a listed company. That said, we still see long-term value from its profitable growth and strong cash-flow characteristics, even with the backdrop of an uncertain economic climate and softer construction industry, as its customers’ need for its sales leads grows. We reiterate our BUY but have cut our target price to SEK61 (63), having lowered our 2022–2023e adj. EBITA by 3–2%.
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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