Another beat but no game-changer
Despite another solid quarter beating consensus and our estimates, we have made only minor adjustments to our estimates. We reiterate our SELL recommendation and SEK87 target price. The stock is trading at record-high multiples, which we believe is unjustified considering the risk of lower residential prices and activity.
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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