Assa Abloy (Buy, TP: SEK245.00) - Feedback from conference call
We hosted an investor call with Assa Abloy’s Investor Relations executives. Although visibility of the Covid-19 impact remains low, demand is likely to be severely challenged in the short-term but we find comfort in the company’s resilient business model and strong liquidity, which includes a EUR1.2bn undrawn revolving credit facility and no covenants on its bonds. We have cut our 2020e EBIT by 5% (now 11% below post Q4 consensus) to better reflect last week’s turmoil. BUY and SEK245 target price reiterated.
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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