Bonava (Buy, TP: SEK70.00) - Long-term Covid-19 effects
The near-term impact from Covid-19 across Bonava’s markets varies but has so far been limited. However, in all markets unemployment is rising and we are concerned consumers will be reluctant to buy homes not yet started or not scheduled for completion for another year or two. Thus, we expect Covid-19 uncertainty and rising unemployment to hit Bonava’s housing starts, and have cut our EPS forecasts. Given the recent market sell-off, we reiterate our BUY but have lowered our target price to SEK70 (108). The Q1 results are due at c08:00 CET on 23 April.
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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