Bufab (Hold, TP: SEK415.00) -
We reiterate our HOLD but have raised our target price to SEK415 (405) on higher peer multiples. Q2 sales and EBITA were in line with our estimates, while organic growth YOY improved from -11% to -7% compared to Q1, and management indicated a demand turnaround. While the sale of low-margin manufacturing units should improve profitability, we have cut our 2024–2025e adj. EBITA by 2–3% owing to the associated sales drop.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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