Electrolux (Buy, TP: SEK320.00) - Strong performance in L. America
Q4 earnings beat consensus expectations, mainly explained by 30% organic growth YOY for Latin America and considerably higher EBIT for the division than expected. We expect price increases in Latin America and North America to further support profitability in 2018e, and believe that Electrolux should be able achieve EBIT margins above 6%. On the back of higher estimates, we have raised our target price to SEK320 (310) and keep our BUY recommendation.
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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