Bonava (Hold, TP: SEK115.00) - Weakening fundamentals; HOLD
We have cut our estimates of residential units delivered in 2020–2021 given Sweden’s slowing housing market, and in turn cut our revenue and margin forecasts. We have also lowered our long-term forecasts for Germany. We are now below consensus for Q2e (results due on 16 July; estimated at 08:00 CET). Given the downside risk to Q2e consensus and our lower forecasts, we have downgraded Bonava to HOLD (BUY) and cut our target price to SEK115 (133).
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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