Assa Abloy (Hold, TP: SEK189.00) - Steady as she goes
We believe underlying demand has remained solid in Q2, with sales up 5.3% YOY organically (results due at 08:00 CET on 18 July). We are broadly in line with consensus but see risk on the downside in Americas’ margin in Q2 and on the upside in Global Technologies’ margin. We have raised our 2018–2020e EBIT by 1–2% (due to FX), which explains our increased target price to SEK189 (185). HOLD 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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