Bonava (Hold, TP: SEK110.00) - Nordic weakness hit Q3
The Swedish and Nordic divisions reported Q3 EBIT margins below our forecasts. The underlying EBIT margin in Germany was broadly in line, but weak figures in the Nordics and Sweden and a pre-warned 12-year old SEK100m legal settlement resulted all in a miss on group EPS and adj. EPS. We expect 2021 to mark a company low-cycle earnings year; we reiterate our HOLD, but have cut our target price to SEK110 (115).
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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