Bufab (Hold, TP: SEK390.00) - Margins are holding up
We reiterate our HOLD and SEK390 target price following a Q4 with adj. EBITA 3% below our estimates. The negative organic growth worsened QOQ, indicating that Q3 did not mark a trough. However, the margin performance and cash flow were solid. We have edged down our 2024e adj. EBITA by 4% on lower growth, partly offset by higher margins.Bufab is a trading company that offers its customers a full-service solution as a Supply Chain Partner for sourcing, quality control and logistics for C-Parts (screws, nuts, washers, etc.). Co.'s customer offering, Global Parts Productivity™, aims to enhance the productivity of the customer's C-Parts value chain, reducing their total costs related to C-Parts. Co. has a diversified customer base in several geographies and sectors within the manufacturing industry.
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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