Bonava (Hold, TP: SEK115.00) - Foundations softening
According to data from Booli Pro, Bonava’s casking prices in Sweden are down 17.6% from their 2017 peak and by 14.1% per sqm; also, Germany’s macro outlook is deteriorating, together prompting us to cut our 2019–2021e group earnings. Shorter-term, we are above consensus on Q3e revenues, but below on EPS (results due on 23 October). We reiterate our HOLD but have cut our target price to SEK115 (121).
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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