Skanska (Hold, TP: SEK176.00) - Few signs of improvement
Following the profit warning, expectations were low. Q4 EBIT beat expectations, but was low in nominal terms. The new CEO repeated that profitability performance is too low, but beyond scaling down some non-profitable segments gave few direct measures on how to improve operations. With Q1 as a low season, we see few near-term triggers, and with weakening Norwegian and Swedish residential markets, we expect no EPS growth. We repeat HOLD and our SEK176 target price.
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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