Bravida (Hold, TP: SEK105.00) - One to HOLD
Following a strong share price performance, and with the declining order backlog to LTM sales not suggesting any further multiples expansion to us short-term, we have downgraded Bravida to HOLD (BUY) but reiterate our SEK105 target price. We still see a multi-year Nordic market consolidation case unfolding, with Bravida the prime consolidator, benefiting from its asset-light model generating strong FCF.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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