Peab (Sell, TP: SEK70.00) - Prices continue to weaken
Q1 is typically the least important quarter in EBIT contribution, thus we expect the focus to be on order intake and number of homes sold. We continue to be negative on the shares based on weakening house prices and we believe Peab should be trading at a discount to NCC given the exposure differences. SELL recommendation and target price of SEK70 maintained. The report is due on 7 May, time TBC.
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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