Skanska Minor model adjustments
We have updated our Q2 estimates (results due at c07:30 CET on 24 July), owing to the 10 July announcement on two cases expected to add SEK408m to Q2 EBIT, a central provision of SEK212m on the Czech Republic R4 project (non-cash flow), and SEK196m in damages (cash flow) awarded to Skanska Norway in the Follo EPC Oslo S case. We do not consider these changes to be material for our underlying investment case, where we have reduced 2019–2020e EPS by c0.3%. We have not changed our SELL recommendation, but have raised our target price to SEK141 (140) on the EPS effect.Skanska is a project development and construction group, concentrated on selected home markets in the Nordic region, European countries and in the Americas. Co.'s business streams are: construction, which includes building and civil construction; residential development, which develops residential projects for immediate sale; commercial property development, which initiates, develops, leases and divests commercial property projects, with project development focusing on office buildings, retail and logistics properties; and infrastructure development, engaged in identifying, developing and investing in privately financed infrastructure projects, such as highways, hospitals and schools.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.