Assa Abloy (Sell, TP: SEK190.00) - Q2 sales growth likely to be soft
We forecast 2.1% YOY organic sales growth in Q2, below consensus of 3.4%, with the main headwinds relating to two fewer working days YOY, and a lower contribution from smart-lock growth as YOY comparables become tougher. With an equity story focusing on sales growth, we believe Q2 will challenge the stretched valuation. Hence we reiterate our SELL and SEK190 target price. Our estimates remain broadly unchanged.
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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