Skanska (Hold, TP: SEK173.00) - Accounting effects weigh on Q1
Q1 typically marks the seasonal low in construction, but this quarter’s results reflected another project write-down in Construction Europe in Poland, the slowdown in Nordic residential markets hitting profits faster than we expected (weak home sales figures indicate downside risk to consensus), and two negative accounting effects. We reiterate our HOLD but have lowered our estimates, and trimmed our target price to SEK173 (174).
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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