Assa Abloy (Hold, TP: SEK174.00) - Small adjustments ahead of Q4
We believe underlying trends have changed little since Q3, with organic sales growth of 3.7% YOY in Q4e (consensus: 4.4%). We expect Assa Abloy to have continued to offset raw material cost inflation in Q4, yet expect FX and M&A to have diluted the company’s adjusted EBIT margin to 16.4% (-30bp YOY). We keep our HOLD recommendation but have cut our target price to SEK174 (191) on lowered sector valuation.
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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