Advanced Soltech (Hold, TP: SEK33.00) - Faster re-rating than expected
The Q4 EBITDA miss versus our estimate and high share-issue costs have left less capital available for investments. However, management’s focus this year is refinancing the outstanding bonds, which we believe could be hampered by current market volatility. We acknowledge that a successful refinancing at a lower interest rate and prospects of higher realised prices could offer potential upside to our fair value, but have downgraded the stock to HOLD (BUY) on the faster re-rating than we expected, and trimmed our target price to SEK33 (34) on estimate revisions.
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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