Bufab (Hold, TP: SEK420.00) - Time to bolt in
Q1 sales rose by 2% YOY (Bloomberg consensus +1%), with flat organic growth, EBIT 7% above consensus and EPS 13% above, partly due to strength in Asia-Pacific and stability in Americas. The group EBITA margin was 13.1% (Q4 2024 12.1%) and the adj. EBITA margin 12.7% (12.1%). We have raised our 2025e EBITA by 4% on better-than-expected results in China and North & East, and made minor adjustments to our 2026e. We reiterate our HOLD but have lowered our target price to SEK420 (430) on continued geopolitical tensions.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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