Boreo: Looking for first signs of a softer market - Nordea

Ahead of Boreo's Q2 report, we incorporate the Delfin Technologies acquisition into our estimates and take a slightly more cautious view on the market development. A slowdown in construction markets has continued, while we note a weakening order intake trend among capital goods companies. The company will likely continue making acquisitions after Delfin, although we do not expect any significant M&A in 2024 owing to its increased leverage. Following the SANY exit in Finland and Sweden, Boreo should be well positioned to continue making acquisitions. Based on underlying operations and M&A value-creation opportunities, we derive a slightly lower fair value range of EUR 40-48 (44-53) per Boreo share.

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