Bonava (Buy, TP: SEK133.00) - Positives outweigh negatives
We believe the stock market has overemphasised Bonava’s Swedish operations, while the German market continues to be strong and is growing in importance to the company. Additionally, there is further potential from Finland, Denmark/Norway, and St. Petersburg. Based on our SOTP and the low EV/EBIT compared to high ROCE, we initiate coverage with a BUY recommendation and SEK133 target price.
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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