Bonava (Buy, TP: SEK55.00) - Recalibrating for new reality
Due to flagged delays in Germany (related to Covid-19) and a weak Nordics margin (unrelated to Covid-19), Q1 profits missed our estimate and consensus significantly. The company improved transparency, providing longer-term project completion guidance and more detailed P&L statements; as a result, we have recalibrated our forecasts. In turn, we have cut our target price to SEK55 (70); however, we like the risk/reward on our view of an attractive relative valuation and cycle-low forecasts, and reiterate our BUY.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.