Sweco (Buy, TP: SEK185.00) - Billing ratio improvement
Q2 saw the long-awaited reversal of the negative billing ratio trend. We expect the billing ratio to continue to improve YOY in H2 and beyond, given the large-scale actions taken in H1. This should benefit profitability alongside cost-cutting, accelerated efficiency improvements and a leaner organisation. We reiterate our BUY and have increased our target price to SEK185 (169).
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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