Byggfakta Group (Buy, TP: SEK65.00) - A number of overlooked aspects
Since its October 2021 IPO, 2022 consensus for Byggfakta has come down only by low single digits, although its multiples have contracted by 30%+. The stock’s valuation at 16x EV/EBITA and 7.1% FCF yield on our 2022e, to which we see little downside risk, does not appear to credit Byggfakta’s double-digit organic sales growth outlook at 35%+ EBITDA margins and superior free cash flows. We reiterate our BUY and SEK65 target price as we expect continued consistent execution to support a re-rating.
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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