NRC Group (Hold, TP: NOK4.00) - No signs of margin recovery

As expected, Q3 EPS was close to zero, with still-weak EBIT margins following the ETM project write-downs in Q2. The 2024 guidance was unchanged, for a negative adj. EBIT margin of 0.9–1.5%, but positive in 2025 (at least 2%) and 5%+ longer-term. While we see significant upside potential if NRC reaches the 5% target, its poor track record means we are still cautious about Q4–Q1, for which we expect EPS to again be close to zero. We reiterate our HOLD, but have raised our target price to NOK4 (3....

Significant upside - uncertainty remains

Operations in line, uncertainty persists

Skanska AB: 1 director

A director at Skanska AB maiden bought 5,000 shares at 218.800SEK and the significance rating of the trade was 73/100. 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 cle...

AF Gruppen ASA: 1 director

A director at AF Gruppen ASA sold 40,000 shares at 134.000NOK and the significance rating of the trade was 57/100. 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...

Solid order momentum for the coming quarters

Mixed report - Betonmast margin 4.7%

Nordic shorts: Embracer and Nibe highlighted

Shorts update

YIT (Sell, TP: EUR2.00) - New ambitions, but with a condition

At its CMD, the company presented new financial and non-financial targets through 2029. However, these depend on a reversion in the Finnish residential market to an historical average of c16,000 new housing starts annually. Given YIT’s track record of not achieving its financial targets, we have made no forecast changes. We reiterate our SELL and EUR2 target price, finding a better risk/reward elsewhere.

It's all about sales momentum from here

Refinanced – time to deliver

Steady and strong performance

Selvaag Bolig (Sell, TP: NOK30.00) - Q3 miss, Urban Property covenants

While Q3 was an expected low season, with few deliveries, EPS was below our forecast on higher costs. The POC EBIT margin also fell more than we estimated, but we expect this to improve in the coming quarters with more starts. The company said it has renegotiated the terms with Urban Property, and the NIBD/EBITDA covenant will now use the POC (NGAAP) figures (previously volatile IFRS figures), thereby removing the potential 2025 covenant breach. However, we continue to find consensus recovery ex...

Earnings growth continuing into 2025e

Veidekke (Buy, TP: NOK140.00) - Q3 revenues below, EPS above

While Q3 revenues missed expectations, higher order intake than expected left the order backlog 10% above our estimate. Despite lower volumes, the EBIT margin beat our forecast, led by the Norwegian Infrastructure division, particularly its portfolio of large civil engineering orders and the asphalt operations. We reiterate our BUY and have raised our SOTP-based target price to NOK140 (135).

Running interest payments to UP from 2025e

Sound performance, small beat, outlook better

Skanska (Buy, TP: SEK260.00) - Asset sales remain key catalyst

Q3 headline EBIT was below our forecast due to SEK362m in impairments in Residential Development (RD) and Commercial Development (CD). Adjusted for this, underlying EBIT was 6% above our estimate and broadly in line with consensus. With SEK12bn in completed CD projects on the balance sheet, in our view divestments remain one of the biggest potential catalysts to close the gap to the SOTP. We reiterate our BUY and SEK260 target price.

US election trumps Q3 report

Sharper quarter than anticipated