Assa Abloy (Buy, TP: SEK220.00) - Data indicates continued recovery
Mobility and Google search data indicates demand has continued to recover in July and August, implying potential upside to consensus. Historically, the trough in leading construction indicators has provided a good entry point into Assa Abloy; however, we believe the indices’ current levels will challenge 2021e growth. At a 12-month forward EV/EBIT of c18x, the stock is trading in line with the sector, its lowest relative valuation in nine years. We reiterate our BUY and SEK220 target price.
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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