Sweco Minor model adjustments
We have updated our 2024e EBITA, owing to temporary market headwinds in primarily Sweden, Finland and the UK having more pronounced effects than we previously expected in Q2. We do not consider these changes to be material, and we have not changed our BUY recommendation. We have lowered our target price from SEK170 to SEK169. Due to either incomplete or out of date consensus, we have not included a consensus table for Q2 in this note.
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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