Bonava (Buy, TP: SEK133.00) - On track
Bonava’s Q2 report was roughly in-line with expectations. A slightly disappointing number of sold units in Sweden was counter-weighted by a German comeback and improvement in Finland. We stick to our BUY and SEK133 target price given the low EV/EBIT, high ROCE, and potential from margin improvements in Finland, St. Petersburg, and Denmark/Norway.
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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