Bonava (Buy, TP: SEK108.00) - DPS and Nordic EBIT miss
The text and CEO commentary in the Q4 report were positive, implying future improving markets, recovering sales, and profitability. However, the Q4 results missed our forecasts and consensus on weaker results in Bonava Nordic, which missed due to a project delay, a rise in unsold units, and low margins. We note that the other divisions beat our forecasts. Nonetheless, the reduction in the proposed DPS was a disappointment to us. We have trimmed our forecasts and have cut our target price to SEK108 (115). We reiterate our BUY.
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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