Assa Abloy (Sell, TP: SEK190.00) - Record-high premium valuation
Assa Abloy’s 12-month forward EV/EBIT of 18.5x implies an all-time high versus the Nordic Capital Goods sector, with a premium of 52% versus the 5-year historical average of 27%. In our view, the main takeaways from the rather uneventful Q2 report were the CEO’s comment on increasing uncertainty and the slight EBIT margin beat of 20bp versus consensus. We reiterate our SELL and SEK190 target price, having increased our 2019–2021e EPS by <1%.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.