Bravida (Buy, TP: SEK100.00) - Weathering the turmoil well
Q1 Nordic market statistics suggest a low impact from Covid-19 on Bravida to date, in line with management’s indications; our forecast cuts for 2020–2022 relate to the weak NOK and a negative mix impact on profits. We still see a compelling industrial roll-up case for the leading name in the attractive and highly fragmented Nordic technical installation service market. The asset-light model should continue to generate strong FCF, providing funds to drive market consolidation. We keep our BUY, but have cut our target price to SEK100 (105).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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