Bonava (Buy, TP: SEK80.00) - KPIs remain strong
New housing sales amounted to SEK3bn in Q2, and stand at SEK16bn on a rolling 12-month basis, well above IFRS-based revenues. The updated guidance on 2021 completions has led us to raise our 2021e EPS by 108%, as we have moved profits expected in 2020 and 2022 to 2021 (the aggregated 2020–2022e EPS change is +6%). As expected, Q2 was a low-season quarter due to Covid-19 delays and a weak Finnish project. EPS adj. missed our estimate by 34%, but we highlight low nominal values. We reiterate our BUY and SEK80 target price.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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