reports
- Alexander Aukner
- Antti Kansanen
- Christoffer Wang Bjørnsen
- Eivind Sars Veddeng
- Håkon Astrup
- Helge André Martinsen
- Joachim Gunell
- Karl-Johan Bonnevier
- Martin Arnell
- Mattias Holmberg
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Simen Mortensen
METSO NELES OYJ
EURN EURONAV NV
DNB DNB ASA
REZT RADISSON HOSPITALITY AB
SRBNK SPAREBANK 1 SR-BANK ASA
MEDIO MEDISTIM ASA
MOCORP METSO OUTOTEC OYJ
SHOT SCANDIC HOTELS GROUP
ATLAS ATLAS MENKUL KIYMETLER YATIRIM ORTAKLIGI
KLED KUNGSLEDEN AB
DNO DNO ASA CLASS A
BRG BORREGAARD
ASSAB ASSA ABLOY
GETIB GETINGE
KINDSDB KINDRED GROUP
FORTUM FORTUM
YIT YIT
maerskb A. P. MØLLER MÆRSK
KINVb KINNEVIK
LATOb LATOUR
KLOVb KLÖVERN
EVRY EVRY ASA
BIOA B BIOARCTIC AB
NAS NORWEGIAN AIR SHUTTLE
- Simen Mortensen
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).
- Simen Mortensen
- Christoffer Wang Bjørnsen
- Frank Maaø
- Jon Masdal
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Arnell
- Martin Huseby Karlsen
- Mattias Holmberg
- Ole-Andreas Krohn
- Olof Larshammar
- Rune Majlund Dahl
- Simen Mortensen
- Simen Mortensen
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.
- Christer Magnergård
- Frank Maaø
- Håkon Astrup
- Helge André Martinsen
- Jesper Ingildsen
- Karl-Johan Bonnevier
- Mattias Montgomery
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Olof Larshammar
- Paul Harper
- Rune Majlund Dahl
- Simen Mortensen
- Simen Mortensen
YIT (Sell, TP: EUR6.40) - We still fear lower starts
Although YIT had issued preliminary figures for its FY revenues in January, it reported EBIT 3% above our forecast and 15% above Vara consensus. Our fear remains the high revenue consensus in Housing Finland, with housing starts now surpassing demand; we and EuroConstruct expect a drop in starts, while consensus is for revenue and EBIT growth. We thus reiterate SELL and our target price of EUR6.3.
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