Byggfakta Group (Hold, TP: SEK50.00) - ‘Show-me’ story after recent gains
Given the 85%+ share price rally since end-Q3, we have downgraded Byggfakta to HOLD (BUY) and cut our target price to SEK50 (59). Our estimates are now in line with Bloomberg consensus and we see few catalysts for 2023e as 1) consensus is positive with limited upside potential to estimates; 2) high gearing leaves little room to hit its ambitious medium-term financial targets through M&A; and 3) we see fairly low estimate risks for 2023e but expect the stock to be a ‘show-me’ story short-term.
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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