YIT (Sell, TP: EUR6.40) - Downside materialising in housing
In the newly merged company, Q1 (results due 26 April, 08:00 CET) will be a minor quarter on seasonally negative EBIT in Paving. Thus our Q1 focus is on order backlog and market comments. YIT has guided for Q1 consumer home sales of -6% YOY in Finland, -20% YOY in CEE, and (recovering from low nominal levels) +28% YOY in Russia. The weak Finnish guidance suggests downside risk in housing there: we reiterate our SELL recommendation and EUR6.40 target price.
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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