Electrolux (Buy, TP: SEK285.00) - Price increases lag cost inflation
We keep our BUY recommendation but have cut our target price to SEK285 (300) following the Q1 report. As expected, cost inflation is hitting Electrolux; although we believe it will be able to offset this, price rises are lagging cost inflation somewhat. This should result in falling earnings in Q2e, but solid earnings growth in H2e.
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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