Assa Abloy (Hold, TP: SEK300.00) - Assa Brassa
Following Assa Abloy’s announcement that it plans to acquire HHI, we have raised our adj. EPS by 8% for 2022e and by 10% for 2023e. We believe the deal logic is strong, with HHI covering a significant portion of the US residential market, which has not previously been part of Assa Abloy’s portfolio. We reiterate our HOLD and have raised our target price to SEK300 (275).
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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