Assa Abloy (Sell, TP: SEK155.00) - Leaving on a high note
Assa Abloy’s Q4 results were slightly above expectations, with EBIT 2% above consensus, organic sales growth of 5% (consensus: 4.2%), and a SEK3.30 DPS (consensus: SEK3.21). CEO Johan Molin was unusually optimistic in his outlook comments for 2018 as he presented his last quarter before leaving Assa Abloy. We have left our estimates broadly unchanged following the report and reiterate our SELL recommendation and SEK155 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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