Bravida (Buy, TP: SEK100.00) - Still in acquisition mode
EuroConstruct’s June update offered a slightly more cautious Nordic construction market outlook, essentially flat in 2019–2022e, adjusted to Bravida’s business mix. This represents a good base for our multi-year Nordic market consolidation case, with Bravida as the prime driver. With the outlook for growing service volumes and a record order backlog supporting organic growth, the asset-light model should continue to deliver strong FCF. We reiterate our BUY and SEK100 target price.Bravida is a Nordic region end-to-end provider of technical installations and service for buildings and industrial facilities. Co. offers integrated solutions in electrical, heating & plumbing and HVAC. Co. provides end-to-end services within these three areas, from consulting and project planning, to installation and service. Co.'s electrical installation business offers integrated solutions for lighting, heating and energy supply. Co.'s heating & plumbing segment provides integrated solutions for water, waste water, energy, heating and cooling.
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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