Assa Abloy (Hold, TP: SEK189.00) - Gap to offset steel costs remains
With raw materials remaining a drag and mix having shifted for the worse in H1, we see downside risk to the Americas division’s EBIT margin in Q3 (we are 50bp below consensus on the division). We expect 4.0% organic growth for the group (consensus: 4.4%), and despite having increased our EBIT forecast on the currency movements, we are still 1% below consensus on EBIT for the quarter. We reiterate our HOLD recommendation; target price raised to SEK189 (182).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.