Bonava (Buy, TP: SEK136.00) - Diversification pays off
Germany drove a Q3 earnings beat versus our expectations. Units sold in Sweden were still at depressed levels, but better than Q1 and Q2, providing some breathing space. We keep our BUY recommendation but have lowered our target price to SEK136 (144), mainly on lower peer multiples.
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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