Bravida (Buy, TP: SEK135.00) - Uncertain market an opportunity
Bravida reported strong profitable growth in Q1 (EBIT up 25% YOY), with Service and Installation and all countries contributing. We see the asset-light model still generating strong FCF and, combined with a de-geared balance sheet, providing funds to drive further market consolidation. We like the business model and market opportunity, and find the stock attractive. We reiterate our BUY and SEK135 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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