Husqvarna (Buy, TP: SEK100.00) - Becoming a robot-centric company
In this report, we look at the unique potential for robotic lawn mowers. The category has already c50% of the market in Sweden, which compares to virtually zero penetration in the large North American market as well as for commercial applications. Husqvarna’s robotic lawn mower sales could grow by c25%/year in the next five years, to represent c20% of group sales by 2022e. We keep our BUY recommendation and SEK100 target price and see this as a long-term appealing story.
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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