Assa Abloy (Buy, TP: SEK245.00) - 2020e adjusted EBIT cut by 6%
To better reflect the potential impact of the coronavirus, we have cut our 2020e adj. EBIT by 6% and 2021–2022e by 2%. Our estimates assume business returns to normal in H2 but no catch-up effect. For Q1e we are 3% below consensus on sales and 9% below on adj. EBIT, where we see the main negative impact from the sharp organic decline in APAC (-30% YOY) and the hit to costs in EMEA. We reiterate our BUY but have cut our target price to SEK245 (260).
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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