Good Q1e sales, but recent slow-down

Improvements in Norway and Sweden

Small improvements, more to come

Q1 in line, introduces 2028 targets

Peab AB: 1 director

A director at Peab AB bought 1,500,000 shares at 85.000SEK and the significance rating of the trade was 77/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...

Sales miss, solid underlying activity

Weak Q1, but strong momentum towards 2026

Veidekke (Hold, TP: NOK150.00) - Q1 was a supportive non-event

Q1 EBIT was NOK-43m, slightly below our forecast, with low seasonal profits due to winter effects in the asphalt operations. This is a seasonally insignificant quarter for the company due to the winter season, and, for context, we expect 2025 EBIT of NOK1.7bn. Order intake and backlog were the Q1 strong points. With the results and commentary supportive of our earnings forecasts, we have made minor estimate changes on the group level and reiterate our HOLD, but have cut our target price to NOK15...

Veidekke ASA: 1 director

A director at Veidekke ASA bought 2,200 shares at 147.000NOK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...

PTP below expectations offset by strong order intake

Skanska (Buy, TP: SEK255.00) - Volatile miss in Q1

Q1 EBIT missed, as the Residential and Commercial Development divisions had weaker-than-expected results. We have reduced our recovery expectations for these segments due to continued softness in Nordic housing sales and a slow recovery in US commercial property development. However, we still see upside potential in our SOTP-based valuation and reiterate our BUY. Nevertheless, based on our lowered forecasts, we have reduced our target price to SEK255 (270).

Still in a solid position

Peab (Hold, TP: SEK85.00) - Q1 EBIT broadly as expected

Peab reported a Q1 seasonal EBIT loss (as expected), driven by winter-related effects in Industry. We have lowered our 2025e EPS due to the low tax rate in Q1, despite a broadly in-line underlying performance. We have slightly raised our revenue and EPS forecasts for 2026–2027 by c1%. We continue to see better risk/reward in peers and reiterate our HOLD and SEK85 target price.

Solid Construction results

Fine results from Civil

Ready to grow through M&A

Ncc (Buy, TP: SEK210.00) - Slightly larger seasonal losses

The divisional figures were broadly in line, and as usual, Q1 was a seasonal loss due to winter effects in NCC Industry (asphalt operations). EBIT was SEK-170m (14% below our estimate, 10% below Infront consensus). However, given the low season, the Q1 miss had a limited effect – a c1% hit to full-year EPS. We reiterate our BUY and highlight our view that ongoing sold and initiated property developments are likely to drive positive EPS momentum to 2028, but have cut our target price to SEK210 (2...

YIT (Sell, TP: EUR2.00) - 2025 guidance unchanged, we see EPS close to...

Q1 EBIT and EPS saw a healthy beat against our estimates and consensus, driven by a strong sales mix and internal efficiency gains. Unsold, completed apartments fell by 30% YOY, to their lowest level since Q3 2023. We have raised our 2025e EBIT, but do not see this as evidence of a broader recovery in Finnish residential markets. Our 2025e EBIT remains just above the guidance mid-point, with EPS hovering just below zero. We reiterate our SELL, but have raised our target price to EUR2 (1.75).

Undramatic quarter

Estimates down on delayed margin recovery