Bonava (Buy, TP: SEK130.00) - More than a quarterly beat
More consumer sales, more project starts and an extraordinary dividend meant the Q4 report still surprised positively, despite the reverse profit warning on EBIT. With stronger KPIs and unit starts, we have brought forward expected deliveries from 2023 to 2022, effectively raising our 2022e EPS by 27.3%. We have also increased our 2021e EPS by 11.3% on higher EBIT margins and updated guidance for project completions. We have lifted our target price to SEK130 (105) and reiterate our BUY; Bonava remains our top sector pick.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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