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Q3 was in line with expectations, with all divisions reporting organic growth, and order intake turning positive in China. However, we struggle to get excited as CEO Johan Molin has said he is considering leaving the company and high valuations are capping acquired growth. That said, we find some support following the recent de-rating (2018e EV/EBIT of 17x). We reiterate our HOLD recommendation and SEK187 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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