Assa Abloy (Hold, TP: SEK182.00) - Americas margin under pressure
With raw materials remaining a drag and mix shifting for the worse, we see downside risk to the Americas division’s EBIT margin in H2 (Q2 was 50bp below consensus). As preliminary Q2 figures were reported on 6 June, today’s results included few surprises other than at a divisional level (in particular weak organic growth in EMEA). Reiterate HOLD and SEK182 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.
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