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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.
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We have updated our Q2 estimates (results due at c07:30 CET on 24 July), owing to the 10 July announcement on two cases expected to add SEK408m to Q2 EBIT, a central provision of SEK212m on the Czech Republic R4 project (non-cash flow), and SEK196m in damages (cash flow) awarded to Skanska Norway in the Follo EPC Oslo S case. We do not consider these changes to be material for our underlying investment case, where we have reduced 2019–2020e EPS by c0.3%. We have not changed our SELL recommendation, but have raised our target price to SEK141 (140) on the EPS effect.
Skanska announced SEK6.8bn in commercial property asset sales in Q2, which has made us raise our Commercial Developments (CD) Segment forecasts. Order bookings announced so far for Q2 are at a 5-year low for a second quarter, we have cut our construction forecasts. We reiterate our SELL and have reduced our target price to SEK140 (155). The Q2 results are due at c07:30 CET on 24 July.
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
Leadership changes Vittorio Colao was succeeded by Nick Read who was appointed Chief Executive Designate on 27 July 2018 and became Chief Executive on 1 October 2018. Margherita Della Valle joined the Board as Chief Financial Officer on 27 July 2018. Item 15: Advisory vote on the Remuneration ReportThe structure is unsatisfactory. The maximum bonus and total incentive pay exceed guidelines. The quantum for the year was excessive. Pay weighted more towards rewarding long-term performance, but there are overlapping performance conditions as free cash flow was used for both the STI and LTI. A b...
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