Advanced Soltech (Buy, TP: SEK34.00) - Trading in line with our core NAV
The stock has taken a hit YTD, reflecting steadily increasing cost inflation in the sector, rising interest rates, and the sector being out of favour. However, we believe this offers an attractive entry point, with the stock trading marginally above our core NAV of SEK26/share, assuming an 8.0% WACC (previously 7.0%) implying limited growth in installed capacity over 2025–2034e. We have upgraded to BUY (HOLD) but cut our target price to SEK34 (64) on the higher WACC and lower growth assumptions.
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.
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