Assa Abloy (Hold, TP: SEK270.00) - Locked in at fair value
We have downgraded Assa Abloy to HOLD (BUY) as the share price has closed in on our unchanged SEK270 target price, while we see no just reason to increase our estimates and see the valuation as fair at a 2022e EV/EBIT of c20x. For Q2, we estimate sales of SEK23.1bn and an adj. EBIT margin of 15.3% (0% and +30bp versus consensus). Our estimates for 2021–2023 are broadly unchanged and in line with consensus.
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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