Assa Abloy (Hold, TP: SEK200.00) - 2019e picking up where 2018 left off
We believe underlying trends have changed little since Q4, and forecast 5.0% organic sales growth YOY for Q1e (consensus: 4.7%). Overall, we see little risk associated with Q1 but note that YOY comparable figures get considerably tougher from Q2. We keep our HOLD recommendation and SEK200 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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