Assa Abloy (Buy, TP: SEK240.00) - Recovery not priced in
We believe investor concerns about Q4 and 2021 that pressured the shares following the strong Q3 report are overdone. We expect a steady, gradual recovery in volumes and EBIT margins, but have trimmed our 2021–2022e adj. EBIT by c2%, mainly due to FX. We reiterate our BUY and SEK240 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.
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.