YIT (Sell, TP: EUR1.75) - 2025 set to be another lost year
Q4 EBIT and EPS were well below our forecasts and consensus. However, the main disappointment in the report was the 2025 adj. EBIT guidance – at EUR20m–60m, based on expected Housing completions. We have cut our EBIT forecast to align with the guidance mid-point, while our 2025–2026e EPS are back in negative territory, with the recovery seemingly delayed for another year. We reiterate our SELL, and have cut our target price to EUR1.75 (2).YIT provides services for the construction sector. Co. has two segments: Housing and Business Premises and Infrastructure. The Housing segment is engaged in the development and construction of housing, holiday homes and entire residential areas, with a focus on its own developments. This segment is also engaged in property maintenance in Russia. The Business Premises and Infrastructure segment is engaged in the development and construction of offices, shopping malls, public facilities, assisted living facilities and other business premises; renovation projects; construction of roads, bridges, tunnels, rail and metro stations, ports and power plants; as well as road and street 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.
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