Electrolux (Buy, TP: SEK310.00) - Samba time in Q4
After a 2-month de-rating, we believe Electrolux is now trading at attractive multiples, and while we have lowered our target price to SEK310 (320) to reflect estimate changes, we keep our BUY. Our proprietary price study in North America and Brazil indicates good price trends in late-Q4, which is promising for 2018. We also believe Latin America in particular is on course for a robust Q4 (results due on 31 January).
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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