Assa Abloy (Buy, TP: SEK230.00) - Estimates cut following comments
Assa Aboy’s outlook comments have led us to cut our 2020–2022e EBIT by c4%; we now expect a 19% YOY decline in organic sales in Q2, and a more gradual recovery in demand once normal business drivers return. We view the valuation as supportive at a 2021e EV/EBIT of 15.4x (c11% discount to its NTM 5-year average) and reiterate our BUY but have cut our target price to SEK230 (240).
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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