Nordea reiterates its Hold rating on building materials company H+H with a price target of 100 Danish kroner following a stable third-quarter report. The adjusted EBIT margin amounted to 8 percent, the highest since the third quarter of 2022.
Activity in the European housing market remains subdued, with signs of weakness also in Poland. Nordea is making only minor forecast adjustments after 2026. A potential acquisition of Solbet is considered the main short-term share price catalyst. The price target is based on a 50 percent probability that the deal will be completed.
