Assa Abloy (Buy, TP: SEK240.00) - Margins starting to recover
Assa Abloy has been the sector’s laggard in H1 with poor cost control and negative outlook commentary. We expect things to turn for the better in Q3 (results due at 08:00 CET on 21 October) with a gradual recovery in demand resulting in increased volumes, which coupled with better cost control should result in significantly improved margins (we are 9% above consensus on Q3e adj. EBIT). We reiterate our BUY and have raised our target price to SEK240 (220).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.