Byggfakta Group (Buy, TP: SEK65.00) - 30% FCF CAGR at 7% FCF yield
As Byggfakta Group continues to extend its operational credentials, also as a listed entity, over the coming quarters and digests its recent M&A activity, we see significant share price recovery potential. We find value support, with the stock trading at a 2022e EV/EBITDA of 15x, which is broadly in line with the multiples paid for its transformative M&A deals. Moreover, the 2022e FCF yield of 7.2% should provide support. We reiterate our BUY, but have cut our target price to SEK65 (85).
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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