Advanced Soltech (Hold, TP: SEK18.00) - Liquidity an uncertainty
Liquidity has come under pressure as refinancing has taken longer than Advanced Soltech expected, the cost of debt continues to rise and investments have continued. The focus remains on refinancing, and we see a risk that new equity may be needed, depending on the pace of investments and working-capital movements. We expect high share-price volatility until this is resolved, with the outcome of the financing potentially having a large impact on our NAV. We reiterate our HOLD, but have cut our target price to SEK18 (22).
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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