SB1 Markets repeats its neutral rating on the engineering consultancy Afry and raises the target price to SEK 110 from 108 following the third-quarter report, according to an analysis.
Adjusted EBITA amounted to SEK 392 million, 10.4 percent above consensus. The result was primarily lifted by Industry, where project completions contributed SEK 10-20 million.
The bank expects organic growth to turn positive at 0.3 percent in the fourth quarter. However, the higher billing rate has not yet clearly translated into profitability, while Transportation & Places continues to weigh.
The stock trades at 7.4x expected EBITA for 2027. The analysts consider the valuation discount justified.
