Bravida (Buy, TP: SEK125.00) - High acquisition pace
Q2 was a solid combination of growth in orders, sales, and profit, highlighting the strength of Bravida’s operational model, with its acquisition pace YTD already beating that of 2021. We expect the asset-light business model to continue generating strong FCF and, combined with a de-geared balance sheet, provide funds to drive market consolidation. We have tweaked our forecasts and we reiterate our BUY, but we have cut our target price to SEK125 (140) on lower multiples.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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