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

Ibrahim Firdaus

Skanska AB (publ)

Håkon Astrup ...
  • Jesper Ingildsen
  • Joachim Gunell
  • Mats Bye
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Simen Mortensen

Skanska (Sell, TP: SEK168.00) - Q3 beat, but from volatile division

Sales of high-margin assets in the (volatile) Commercial Development division helped group EBIT beat Infront consensus by 10% (1% above our forecast), while EBIT margins in the generally more stable Construction and Residential Development (RD) divisions underperformed expectations. The order booking was also weaker. We reiterate our SELL, but have edged up our target price to SEK168 (167).

Staffan Bulow ...
  • Tobias Kaj

Skanska - Further potential, with normalised margins

T12m Construction EBIT margin to 2.2% (0.7% 2018) EBIT 22% above Nordic Core Consensus, to SEK 2,150m SOTP to SEK 255 with average margin from 2007-2016

Staffan Bulow ...
  • Tobias Kaj

Skanska - Highest EBIT since Aoutpista in 2011

EBIT up 324%, y-o-y - 22% ahead of Nordic Core Cons. 4th consecutive quarter without Construction write downs Further potential with normalised Construction margins

Ibrahim Firdaus

Skanska AB (publ)

Simen Mortensen

Skanska (Sell, TP: SEK168.00) - Q3 beat, but from volatile division

Sales of high-margin assets in the (volatile) Commercial Development division helped group EBIT beat Infront consensus by 10% (1% above our forecast), while EBIT margins in the generally more stable Construction and Residential Development (RD) divisions underperformed expectations. The order booking was also weaker. We reiterate our SELL, but have edged up our target price to SEK168 (167).

Staffan Bulow ...
  • Tobias Kaj

Skanska - Further potential, with normalised margins

T12m Construction EBIT margin to 2.2% (0.7% 2018) EBIT 22% above Nordic Core Consensus, to SEK 2,150m SOTP to SEK 255 with average margin from 2007-2016

Staffan Bulow ...
  • Tobias Kaj

Skanska - Highest EBIT since Aoutpista in 2011

EBIT up 324%, y-o-y - 22% ahead of Nordic Core Cons. 4th consecutive quarter without Construction write downs Further potential with normalised Construction margins

Ibrahim Firdaus

Skanska AB (publ)

1 director sold

A director at Skanska Ab sold 36,000 shares at 191.001SEK and the significance rating of the trade was 94/100. 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 board me...

Håkon Astrup ...
  • Jesper Ingildsen
  • Joachim Gunell
  • Mats Bye
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Jon Berggren ...
  • Karl-Johan Bonnevier
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Niclas Gehin ...
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Christoffer Wang Bjørnsen ...
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Jon Masdal
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

For SKANSKA AB, the environment deterioration entails a downgrade to Neutral

SKANSKA AB (SE), a company active in the Heavy Construction industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date August 2, 2019, the closing price was SEK 178.30 and its expected value was estimated at SEK 172.50.

Ibrahim Firdaus
Ibrahim Firdaus
Ibrahim Firdaus
Ibrahim Firdaus
MarketLine Department

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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...

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