Peab (Sell, TP: SEK70.00) - Peak cycle strength
Peab’s Q4 results came in above both our expectations and consensus, and while have lifted our estimates, we see plenty of downside from a weaker market not factored in by consensus. We believe Peab should trade at a discount to peers based on the exposure differences and thus have cut our target price to SEK70 (74).
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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