Bonava (Buy, TP: SEK133.00) - Negatives priced in
Germany continues to outperform and Sweden continues to underperform. In our view, the Swedish oversupply will persist throughout 2019, but we believe that is already priced in. Following a change of analyst we reiterate our BUY but have lowered our target price to SEK133 (137) to reflect updated estimates and peer valuations.
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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