YIT (Sell, TP: EUR5.80) - Weaker across the board
YIT issued a ‘clarification notice’ 1.5 hours before the Q1 result publication, changing group ‘segment’ figures to IFRS; thus our and consensus forecasts were not comparable with the Q1 figures. However, despite the accounting change, the new pro-forma figures revealed declining revenues in all segments. We have cut our EPS 2018 forecasts and remain well below consensus for EPS 2019e. We reiterate our SELL recommendation and have cut our target price to EUR5.8 (6.4).
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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