Assa Abloy (Buy, TP: SEK260.00) - Recovery case materialising
We believe Assa Abloy’s outlook commentary, which turned more positive with its Q4 report, has started to materialise. US mobility trends have increased significantly since the beginning of March and should drive a recovery in replacement demand and emphasise Assa Abloy as a relative beneficiary of the vaccine and a re-opening outperformer. We reiterate our BUY and have raised our target price to SEK260 (250) after lifting our 2021–2023e adj. EBIT by 1–2%.
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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