Byggfakta Group (Buy, TP: SEK63.00) - Too attractively valued to ignore
Despite short-term growth headwinds from slower customer decision-making processes, we like that Byggfakta pairs resilient profitable growth with strong FCF characteristics. We expect continued consistent execution – as seen in its first three quarters as a listed entity – to support a re-rating, and, having lowered our adj. EBITA by 3–1% for 2022–2023e, we reiterate our BUY, but have cut our target price to SEK63 (65).
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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