Skanska AB Series B

Skanska is a project development and construction group, concentrated on selected home markets in the Nordic region, European countries and in the Americas. Co.'s business streams are: construction, which includes building and civil construction; residential development, which develops residential projects for immediate sale; commercial property development, which initiates, develops, leases and divests commercial property projects, with project development focusing on office buildings, retail and logistics properties; and infrastructure development, engaged in identifying, developing and investing in privately financed infrastructure projects, such as highways, hospitals and schools.
  • TickerSKA B
  • ISINSE0000113250
  • ExchangeNasdaq Nordic Stockholm
  • SectorConstruction & Materials
  • CountrySweden

Analysts

SKANSKA AB sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of SKANSKA AB (SE), active in the Heavy Construction industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date April 30, 2019, the closing price was SEK 165.30 and its target price was estimated at SEK 147.95.

Simen Mortensen

Skanska (Sell, TP: SEK155.00) - Risk in CD and book-to-build

Today Infront consensus for Q1 was released, but given that Skanska only announced four sales for SEK1.4bn in Q1, we see potential downside as we expect lower EBIT in Commercial Development (CD) versus consensus. We are in line on both Construction and Residential Development (RD), while we are concerned about negative book-to-build. We reiterate our SELL and SEK155 target price, as we expect a weakening balance sheet and still-low margins in Construction in 2019. The Q1 results are due at 07:30 CET on 26 April.

Simen Mortensen

Swedish housing still weak – civil strong but set for some delays

With a high number of housing starts in the past two years set to reach completion this year, we expect a still-high market supply of homes for sale during this year. We expect civil markets to grow in line with national budget spending, but see a risk of delayed Norwegian public projects. Valuations have declined, but so has growth. With mixed business cycles, we see limited valuation upside potential; we thus keep our neutral sector stance. Our top sector picks are NRC (rail engineering) and NCC (turnaround case).

Frank Maaø ...
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Simen Mortensen

Skanska (Sell, TP: SEK155.00) - Plot the dots; we cut DPS forecast

Skanska presented a new NIBD adj. financial target at its CMD. It also indicated that working capital might shrink SEK5bn–6bn. It cut its DPS18 because the equity was below the ‘group equity requirement’. These two factors led us to cut our NIBD and DPS forecasts. Skanska stated it will not meet its construction EBIT margin target in 2019/20e and its project development target (ROCE) is “within reach, but tougher to reach”. We retain our SELL and our SEK155 target price.

Simen Mortensen

Skanska (Sell, TP: SEK155.00) - Risk in CD and book-to-build

Today Infront consensus for Q1 was released, but given that Skanska only announced four sales for SEK1.4bn in Q1, we see potential downside as we expect lower EBIT in Commercial Development (CD) versus consensus. We are in line on both Construction and Residential Development (RD), while we are concerned about negative book-to-build. We reiterate our SELL and SEK155 target price, as we expect a weakening balance sheet and still-low margins in Construction in 2019. The Q1 results are due at 07:30 CET on 26 April.

Simen Mortensen

Swedish housing still weak – civil strong but set for some delays

With a high number of housing starts in the past two years set to reach completion this year, we expect a still-high market supply of homes for sale during this year. We expect civil markets to grow in line with national budget spending, but see a risk of delayed Norwegian public projects. Valuations have declined, but so has growth. With mixed business cycles, we see limited valuation upside potential; we thus keep our neutral sector stance. Our top sector picks are NRC (rail engineering) and NCC (turnaround case).

Simen Mortensen

Skanska (Sell, TP: SEK155.00) - Plot the dots; we cut DPS forecast

Skanska presented a new NIBD adj. financial target at its CMD. It also indicated that working capital might shrink SEK5bn–6bn. It cut its DPS18 because the equity was below the ‘group equity requirement’. These two factors led us to cut our NIBD and DPS forecasts. Skanska stated it will not meet its construction EBIT margin target in 2019/20e and its project development target (ROCE) is “within reach, but tougher to reach”. We retain our SELL and our SEK155 target price.

Simen Mortensen

Skanska (Sell, TP: SEK155.00) - Once bitten, twice shy

The CMD is due on 21 March at 09:30 CET (postponed from 27 November). There were six quarters with project write-downs in the US and four in Europe in 2017–2018 and the proposed DPS for 2018 was down 27.2% YOY. We see potential downside risk with weak construction margins and weak housing sales. We have downgraded to SELL (HOLD), but reiterate our SEK155 target price. We expect the focus to be on improving earnings, and fear possibly lowered financial targets.

Ibrahim Firdaus

Skanska

A director sold 2,000 shares at 182.356SEK and

A director at Skanska Ab sold 2,000 shares at 182.356SEK and the significance rating of the trade was 53/100. 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 showing Close periods where trading activity is restricted under listing rules. The names of boa...

Frank Maaø ...
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Ole-Andreas Krohn ...
  • Simen Mortensen

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Mattias Montgomery
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jon Masdal
  • Martin Arnell
  • Mattias Montgomery
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Antti Kansanen
  • Jørgen Lian
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northen Lights

SKANSKA AB sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of SKANSKA AB (SE), active in the Heavy Construction industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date April 30, 2019, the closing price was SEK 165.30 and its target price was estimated at SEK 147.95.

Ibrahim Firdaus

Skanska

Ibrahim Firdaus

Skanska

Ibrahim Firdaus

Skanska

Ibrahim Firdaus

Skanska

MarketLine Department

AECOM - Strategy, SWOT and Corporate Finance Report

AECOM - Strategy, SWOT and Corporate Finance Report Summary AECOM - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights AECOM, formerly AECOM Technology Corporation, is an integrated firm engaged in designing, building, financing, and operating infrastructure assets globally. The company provides engineering, consulting and project management services to its custom...

MarketLine Department

JM AB - Strategy, SWOT and Corporate Finance Report

JM AB - Strategy, SWOT and Corporate Finance Report Summary JM AB - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights JM AB (JM) is a real estate development company in Sweden. It develops housing and residential properties in the Nordic region. The company’s business operations include acquisition of development properties, production and sale of residential units...

MarketLine Department

Actividades de Construccion y Servicios S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Actividades de Construccion y Servicios S.A. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Actividades de Construccion y Servicios S.A. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an o...

MarketLine Department

Strabag SE - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Strabag SE Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Strabag SE since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights T...

MarketLine Department

China Communications Construction Co Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's China Communications Construction Co Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by China Communications Construction Co Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organizat...

Expert Corporate Governance Service (ECGS)

Skanska, March 28, 2019

In general, Skanska is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 13, the nomination committee proposes to increase the remuneration of the board of directors by approximately 3.0%. In ECGS' view, the current fees are already at the upper level of Swedish market practice for a company with the size and complexity of Skanska and it therefore does not approve of any increases without adequate justification. Since the proposal is not adequately justified, ECGS recommends to vote OPPOSE. Under ITEMS 14a-14g, th...

Skanska – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch