Byggfakta Group (Hold, TP: SEK52.00) - Bid raised to SEK52/share
Last night, Giant BidCo raised its take-private offer – to SEK52/share (up 13% from the initial SEK46/share) – in line with our expectation. We have downgraded to HOLD (BUY) and cut our target price to SEK52 (57), as we see a low likelihood of a further raised bid given: 1) the support for the new bid from remaining institutional IPO investors; 2) other potential suitors likely would have already shown interest; and 3) it represents a compromise between Giant BidCo and the institutions that seems the best likely outcome at this stage.
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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