Bravida (Hold, TP: SEK94.00) - Downgraded to HOLD
The timing gap between the strong order intake and installations seems to have continued, with Q4 likely to see negative organic growth and tough comparables YOY in profit margin terms. The asset-light model should continue to lead to strong FCF, indicating ample resources to drive Nordic market consolidation. With the share price close to our raised target price of SEK94 (92) and the short/medium-term potential seemingly captured, we have downgraded to HOLD (BUY).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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