Skanska (Hold, TP: SEK174.00) - Strong CD compensates negatives
We expect a Q1 beat after strong sales in Commercial development (CD), despite a handful of negatives. We have also recalculated our long-term CD estimates, and raised our forecasts. Lowered administrative costs and FX effects also lifted our forecasts. We keep our HOLD, but have adjusted our target price to SEK174 (176). Results are due at c07:30 CET on 9 May.
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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