Bravida (Buy, TP: SEK112.00) - Attractive case for 2025–2026e
Q3 was mixed, but Bravida navigated the slow Nordic installation market well, with the market demand forecast turning positive for 2025–2026. We focus on the strong FCF generation, attractive capital allocation, and market consolidation opportunities. With management seeing its 7% EBITA margin target as realistic for 2026 (our estimate 6.6%), the risk/reward looks attractive, with the starting point close to a record-low forward valuation. We reiterate our BUY and SEK112 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.