Assa Abloy (Sell, TP: SEK195.00) - Q3e: China slows but solid margins
We believe the more cautious market outlook and increasingly tougher comparable YOY growth figures are reflected in consensus. However, we still believe that slowing growth warrants a lower valuation and reiterate our SELL. We expect Q3 sales of SEK23.6bn and 3.1% YOY organic growth (consensus: 3.7%), while our SEK3.9bn EBIT forecast is c1% above consensus (we expect consensus to be revised up by 1–2% due to FX). We have raised our target price to SEK195 (190) on slightly higher estimates.
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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