Bonava (Buy, TP: SEK133.00) - Swedish residential risk priced in
The cold weather in Q1 negatively affected the sector, but this should now have reversed, and we expect a far better sequential performance in Q2 in all Bonava’s markets bar Sweden (results due on 17 July). We are still negative on Sweden’s newbuild market and see no reason to expect the situation to improve near-term, but believe this is priced in. The German market remains strong, and the potential from the group’s other markets is overlooked in our opinion. We keep our BUY 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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