Veidekke (Buy, TP: NOK145.00) - Target price lifted on Q3 margin beat
Despite lower Q3 revenues and order backlog/bookings, the significantly better-than-expected Infrastructure EBIT led to a solid Q3 EPS beat. The Infrastructure EBIT margin recovery compensated for weaker volume effects and weaker profit in Building Construction in Stockholm. We have therefore lifted our EPS estimates for our entire forecast period. We have raised our target price to NOK145 (130) and reiterate our BUY.Veidekke is a Scandinavian construction and property development company. Co.'s segments are grouped according to activity. The construction segment comprises mainly the construction of buildings and infrastructure. The property segment comprises the development of sites, property development and the sale of property (primarily residential). The industry segment comprises the production of aggregates (crushed stone and gravel) and asphalt, the laying of asphalt and road maintenance.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.