Peab (Buy, TP: SEK125.00) - Overall and underlying beat
Project gains and ‘Other’ led to a substantial Q4 beat versus our forecasts and consensus, but the underlying figures were also marginally better. The proposed DPS of SEK5 for when exceeded expectations. We continue to assume Peab will benefit long-term from the recently proposed EU Green Deal regulation aimed at boosting the modernisation and renovation of existing buildings. We reiterate our BUY and have raised our target price to SEK125 (120).Peab AB is a construction and civil engineering company. Co. has four business areas: Construction, which performs contract work for external customers and the other units and includes construction of homes and premises to renovation and construction maintenance; Civil Engineering, which engages in the local civil engineering market and in infrastructure projects such as bridges, roads and railways and the management and maintenance of streets and roads; Industry, which delivers asphalt, cement, foundations, electricity, transportation, machine and crane services and prefab to external customers and the other units; and Project Development, which develops housing and commercial property.
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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