DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

 

Niclas Gehin
  • Niclas Gehin
YAR Yara Internatio... (Chemicals)

Yara (Buy, TP: NOK550.00) - Q3 gives positive indicators for Q4

The Q3 results were slightly ahead of consensus, which should ease market concerns somewhat over how its earnings have been affected by high natural gas prices. We have made minor estimate changes (lifted 2022–2023e EPS by 2–3%), and continue to believe Yara’s earnings will benefit from high fertiliser prices, offsetting negative volume effects and elevated energy prices. We reiterate our BUY and target price of NOK550.

Christer Magnergård
  • Christer Magnergård
HUSQ B HUSQVARNA AB B (Personal & Household Goods)

Husqvarna (Hold, TP: SEK125.00) - Solid performance once again

Husqvarna has been a relative winner during the stay-at-home trend this past year. It has extended its streak of better-than-expected quarterly results to eight, with demand strong in Q3. The next likely catalyst is the CMD on 1 December, where we could see a new EBIT-margin target and/or more details on its robotic-mower business. The 2022 outlook looks better post the Q3 report, but risks remain regarding a reversal of the stay-at-home trend and the lack of Briggs & Stratton engines, hence we ...

Nicolas McBeath
  • Nicolas McBeath

Svenska Handelsbanken (Buy, TP: SEK115.00) - Patience required

Despite the disappointing removal of the previous cost target for 2022, we remain confident the bank is taking the right actions to improve profitability, including the planned divestments of operations in Denmark and Finland. We have trimmed our 2022–2023e EPS by 1–2% on reduced NII and higher costs, and our target price to SEK115 (118). However, we believe the stock remains attractively valued at a 2022e P/E below 11x, given the low-risk profile, strong long-term track record, our expectation ...

Håkon Astrup
  • Håkon Astrup
GJF Gjensidige Fors... (Insurance)

Gjensidige Forsikring (Hold, TP: NOK216.00) - Alpha underwriting perfo...

While the 76% combined ratio and 9.1% underlying premium growth demonstrate a superior competitive position, we also find the distribution of a NOK4.0/share special dividend an indication of a rather confident near-term outlook. We have lifted our 2022–2023e EPS by 3–4% and in turn our target price to NOK216 (210). While we still like Gjensidige’s strong position as market leader in Norway, combined with a bright near-term outlook, we continue to find the valuation fair at a 2022e P/E of ~19x an...

Stefan Gauffin
  • Stefan Gauffin
ELISA ELISA OYJ (Telecommunications)

Elisa (Hold, TP: EUR56.00) - Mobile momentum improving

We believe the Q3 report showed strong mobile trends, and that weakness in EBITDA could be due to subscriber intake. However, Elisa guided for higher commercial spend in Q4, which could elevate the risk of disappointment. We reiterate our HOLD but have raised our target price to EUR56 (55).

Niclas Gehin
  • Niclas Gehin
YAR Yara Internatio... (Chemicals)

Yara (Buy, TP: NOK550.00) - Q3 gives positive indicators for Q4

The Q3 results were slightly ahead of consensus, which should ease market concerns somewhat over how its earnings have been affected by high natural gas prices. We have made minor estimate changes (lifted 2022–2023e EPS by 2–3%), and continue to believe Yara’s earnings will benefit from high fertiliser prices, offsetting negative volume effects and elevated energy prices. We reiterate our BUY and target price of NOK550.

Christer Magnergård
  • Christer Magnergård
HUSQ B HUSQVARNA AB B (Personal & Household Goods)

Husqvarna (Hold, TP: SEK125.00) - Solid performance once again

Husqvarna has been a relative winner during the stay-at-home trend this past year. It has extended its streak of better-than-expected quarterly results to eight, with demand strong in Q3. The next likely catalyst is the CMD on 1 December, where we could see a new EBIT-margin target and/or more details on its robotic-mower business. The 2022 outlook looks better post the Q3 report, but risks remain regarding a reversal of the stay-at-home trend and the lack of Briggs & Stratton engines, hence we ...

Nicolas McBeath
  • Nicolas McBeath

Svenska Handelsbanken (Buy, TP: SEK115.00) - Patience required

Despite the disappointing removal of the previous cost target for 2022, we remain confident the bank is taking the right actions to improve profitability, including the planned divestments of operations in Denmark and Finland. We have trimmed our 2022–2023e EPS by 1–2% on reduced NII and higher costs, and our target price to SEK115 (118). However, we believe the stock remains attractively valued at a 2022e P/E below 11x, given the low-risk profile, strong long-term track record, our expectation ...

Håkon Astrup
  • Håkon Astrup
GJF Gjensidige Fors... (Insurance)

Gjensidige Forsikring (Hold, TP: NOK216.00) - Alpha underwriting perfo...

While the 76% combined ratio and 9.1% underlying premium growth demonstrate a superior competitive position, we also find the distribution of a NOK4.0/share special dividend an indication of a rather confident near-term outlook. We have lifted our 2022–2023e EPS by 3–4% and in turn our target price to NOK216 (210). While we still like Gjensidige’s strong position as market leader in Norway, combined with a bright near-term outlook, we continue to find the valuation fair at a 2022e P/E of ~19x an...

Stefan Gauffin
  • Stefan Gauffin
ELISA ELISA OYJ (Telecommunications)

Elisa (Hold, TP: EUR56.00) - Mobile momentum improving

We believe the Q3 report showed strong mobile trends, and that weakness in EBITDA could be due to subscriber intake. However, Elisa guided for higher commercial spend in Q4, which could elevate the risk of disappointment. We reiterate our HOLD but have raised our target price to EUR56 (55).

Niclas Gehin
  • Niclas Gehin
YAR Yara Internatio... (Chemicals)

Yara (Buy, TP: NOK550.00) - Q3 gives positive indicators for Q4

The Q3 results were slightly ahead of consensus, which should ease market concerns somewhat over how its earnings have been affected by high natural gas prices. We have made minor estimate changes (lifted 2022–2023e EPS by 2–3%), and continue to believe Yara’s earnings will benefit from high fertiliser prices, offsetting negative volume effects and elevated energy prices. We reiterate our BUY and target price of NOK550.

Christer Magnergård
  • Christer Magnergård
HUSQ B HUSQVARNA AB B (Personal & Household Goods)

Husqvarna (Hold, TP: SEK125.00) - Solid performance once again

Husqvarna has been a relative winner during the stay-at-home trend this past year. It has extended its streak of better-than-expected quarterly results to eight, with demand strong in Q3. The next likely catalyst is the CMD on 1 December, where we could see a new EBIT-margin target and/or more details on its robotic-mower business. The 2022 outlook looks better post the Q3 report, but risks remain regarding a reversal of the stay-at-home trend and the lack of Briggs & Stratton engines, hence we ...

Nicolas McBeath
  • Nicolas McBeath

Svenska Handelsbanken (Buy, TP: SEK115.00) - Patience required

Despite the disappointing removal of the previous cost target for 2022, we remain confident the bank is taking the right actions to improve profitability, including the planned divestments of operations in Denmark and Finland. We have trimmed our 2022–2023e EPS by 1–2% on reduced NII and higher costs, and our target price to SEK115 (118). However, we believe the stock remains attractively valued at a 2022e P/E below 11x, given the low-risk profile, strong long-term track record, our expectation ...

Håkon Astrup
  • Håkon Astrup
GJF Gjensidige Fors... (Insurance)

Gjensidige Forsikring (Hold, TP: NOK216.00) - Alpha underwriting perfo...

While the 76% combined ratio and 9.1% underlying premium growth demonstrate a superior competitive position, we also find the distribution of a NOK4.0/share special dividend an indication of a rather confident near-term outlook. We have lifted our 2022–2023e EPS by 3–4% and in turn our target price to NOK216 (210). While we still like Gjensidige’s strong position as market leader in Norway, combined with a bright near-term outlook, we continue to find the valuation fair at a 2022e P/E of ~19x an...

Stefan Gauffin
  • Stefan Gauffin
ELISA ELISA OYJ (Telecommunications)

Elisa (Hold, TP: EUR56.00) - Mobile momentum improving

We believe the Q3 report showed strong mobile trends, and that weakness in EBITDA could be due to subscriber intake. However, Elisa guided for higher commercial spend in Q4, which could elevate the risk of disappointment. We reiterate our HOLD but have raised our target price to EUR56 (55).

Niclas Gehin
  • Niclas Gehin
YAR Yara Internatio... (Chemicals)

Yara (Buy, TP: NOK550.00) - Q3 gives positive indicators for Q4

The Q3 results were slightly ahead of consensus, which should ease market concerns somewhat over how its earnings have been affected by high natural gas prices. We have made minor estimate changes (lifted 2022–2023e EPS by 2–3%), and continue to believe Yara’s earnings will benefit from high fertiliser prices, offsetting negative volume effects and elevated energy prices. We reiterate our BUY and target price of NOK550.

Christer Magnergård
  • Christer Magnergård
HUSQ B HUSQVARNA AB B (Personal & Household Goods)

Husqvarna (Hold, TP: SEK125.00) - Solid performance once again

Husqvarna has been a relative winner during the stay-at-home trend this past year. It has extended its streak of better-than-expected quarterly results to eight, with demand strong in Q3. The next likely catalyst is the CMD on 1 December, where we could see a new EBIT-margin target and/or more details on its robotic-mower business. The 2022 outlook looks better post the Q3 report, but risks remain regarding a reversal of the stay-at-home trend and the lack of Briggs & Stratton engines, hence we ...

Nicolas McBeath
  • Nicolas McBeath

Svenska Handelsbanken (Buy, TP: SEK115.00) - Patience required

Despite the disappointing removal of the previous cost target for 2022, we remain confident the bank is taking the right actions to improve profitability, including the planned divestments of operations in Denmark and Finland. We have trimmed our 2022–2023e EPS by 1–2% on reduced NII and higher costs, and our target price to SEK115 (118). However, we believe the stock remains attractively valued at a 2022e P/E below 11x, given the low-risk profile, strong long-term track record, our expectation ...

Håkon Astrup
  • Håkon Astrup
GJF Gjensidige Fors... (Insurance)

Gjensidige Forsikring (Hold, TP: NOK216.00) - Alpha underwriting perfo...

While the 76% combined ratio and 9.1% underlying premium growth demonstrate a superior competitive position, we also find the distribution of a NOK4.0/share special dividend an indication of a rather confident near-term outlook. We have lifted our 2022–2023e EPS by 3–4% and in turn our target price to NOK216 (210). While we still like Gjensidige’s strong position as market leader in Norway, combined with a bright near-term outlook, we continue to find the valuation fair at a 2022e P/E of ~19x an...

Stefan Gauffin
  • Stefan Gauffin
ELISA ELISA OYJ (Telecommunications)

Elisa (Hold, TP: EUR56.00) - Mobile momentum improving

We believe the Q3 report showed strong mobile trends, and that weakness in EBITDA could be due to subscriber intake. However, Elisa guided for higher commercial spend in Q4, which could elevate the risk of disappointment. We reiterate our HOLD but have raised our target price to EUR56 (55).

Niclas Gehin
  • Niclas Gehin
YAR Yara Internatio... (Chemicals)

Yara (Buy, TP: NOK550.00) - Q3 gives positive indicators for Q4

The Q3 results were slightly ahead of consensus, which should ease market concerns somewhat over how its earnings have been affected by high natural gas prices. We have made minor estimate changes (lifted 2022–2023e EPS by 2–3%), and continue to believe Yara’s earnings will benefit from high fertiliser prices, offsetting negative volume effects and elevated energy prices. We reiterate our BUY and target price of NOK550.

Christer Magnergård
  • Christer Magnergård
HUSQ B HUSQVARNA AB B (Personal & Household Goods)

Husqvarna (Hold, TP: SEK125.00) - Solid performance once again

Husqvarna has been a relative winner during the stay-at-home trend this past year. It has extended its streak of better-than-expected quarterly results to eight, with demand strong in Q3. The next likely catalyst is the CMD on 1 December, where we could see a new EBIT-margin target and/or more details on its robotic-mower business. The 2022 outlook looks better post the Q3 report, but risks remain regarding a reversal of the stay-at-home trend and the lack of Briggs & Stratton engines, hence we ...

Nicolas McBeath
  • Nicolas McBeath

Svenska Handelsbanken (Buy, TP: SEK115.00) - Patience required

Despite the disappointing removal of the previous cost target for 2022, we remain confident the bank is taking the right actions to improve profitability, including the planned divestments of operations in Denmark and Finland. We have trimmed our 2022–2023e EPS by 1–2% on reduced NII and higher costs, and our target price to SEK115 (118). However, we believe the stock remains attractively valued at a 2022e P/E below 11x, given the low-risk profile, strong long-term track record, our expectation ...

Håkon Astrup
  • Håkon Astrup
GJF Gjensidige Fors... (Insurance)

Gjensidige Forsikring (Hold, TP: NOK216.00) - Alpha underwriting perfo...

While the 76% combined ratio and 9.1% underlying premium growth demonstrate a superior competitive position, we also find the distribution of a NOK4.0/share special dividend an indication of a rather confident near-term outlook. We have lifted our 2022–2023e EPS by 3–4% and in turn our target price to NOK216 (210). While we still like Gjensidige’s strong position as market leader in Norway, combined with a bright near-term outlook, we continue to find the valuation fair at a 2022e P/E of ~19x an...

Stefan Gauffin
  • Stefan Gauffin
ELISA ELISA OYJ (Telecommunications)

Elisa (Hold, TP: EUR56.00) - Mobile momentum improving

We believe the Q3 report showed strong mobile trends, and that weakness in EBITDA could be due to subscriber intake. However, Elisa guided for higher commercial spend in Q4, which could elevate the risk of disappointment. We reiterate our HOLD but have raised our target price to EUR56 (55).

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