Bonava (Hold, TP: SEK8.50) - Adjusting EPS for dilution
Following Bonava raising cSEK1,050m and issuing 213m new shares (a c197% increase) in an underwritten rights issue, we have updated our 2024–2026e EPS for the new share count and lowered our net debt. We have made no changes to our revenue or EBIT forecasts. We do to not see the company returning to positive EPS territory in our forecast period. However, we note a low 2024e P/B valuation of 0.34x. We reiterate our HOLD, with a new target price of SEK8.5 (previously SEK14, or SEK7.98 adjusted for the dilution).Bonava AB (publ). Bonava publ AB is a Sweden-based company, which is primarily involved in real estate development industry. The Company operates as a developer of housing units to consumers and investors in Sweden, Germany, Finland, Denmark, Norway, the Russian Federation, Estonia and Latvia. In Germany, the Company's offering is targeted at consumers and investors through both single-family houses and multi-family houses. The Company operates on the basis of an own-produced construction system in Germany, which is used in all new construction, thus enabling an efficient construction process. In Estonia and Latvia, the Company's offering is primarily targeted at consumers, based on multi-family houses. In Russia, it operates solely in Saint Petersburg region with offering comprises of multi-family houses.
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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