Little change in underlying demand
We believe underlying demand has changed little since Q2 (i.e. solid except in APAC), with sales up 4% YOY organically to SEK18.5bn in Q3e (results due at 08:00 CET on 20 October). We forecast an EBIT margin of 16.7%, hampered by higher raw materials costs but helped by price increases starting to come through. Having made only minor estimate changes, we reiterate our HOLD recommendation but have raised our target price to SEK187 (SEK183).
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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