Multiconsult (Buy, TP: NOK175.00) - Expecting a record order backlog
Following the large order of NOK1.07bn for the new Rikshospitalet/Aker hospital, we have raised our billing ratio, revenue and EBIT forecasts for 2023–2025. Additionally, having recalculated costs for Easter to land in Q2 rather than Q1, we have increased our Q1 EBIT margin estimate. Ahead of the Q1 results (due at c 07:00 CET on 10 May), we now expect 3% upside potential to consensus EBIT. Based on our raised forecasts, we reiterate our BUY and have increased our target price to NOK175 (170).Multiconsult ASA is a Norway-based company active in the planning and consulting business. It offers multidisciplinary consultancy, design, planning, project supervision, management, and verification and control, dedicated to various industry sectors. The Company operates in six business areas: Building and Property, offering advice, planning and building management; Industry, comprising consultancy and project design services; Oil and Gas, providing services for the whole value chain, from phase studies to construction follow up; Transport and Infrastructure, including assessment, planning, design and consulting; Energy, including consulting, project design and project management; and Environment and natural resources, offering environmental consultancy, surveying and reporting. Multiconsult ASA operates as a parent of the Multiconsult Group, comprising around 100 subsidiaries in such countries as Poland, the United Kingdom, Singapore and Russia.
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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