Assa Abloy Minor model adjustments
We have updated our estimates by fine-tuning our assumptions for Q3 to reflect market trends during the quarter. For Q3, we forecast sales of SEK23.9bn (1% below consensus) and an adj. EBIT margin of 15.1% (consensus: 15.4%), resulting in adj. EBIT of SEK3,603m (3% below consensus). Our estimate changes have not affected our 2022–2023e. We do not consider these changes to be material and we have not changed our HOLD recommendation. We reiterate our SEK300 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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