Husqvarna (Buy, TP: SEK100.00) - Many more years of structural growth to come
The transformation of the lawnmower market to robotics has only just begun. Penetration levels of robots in Europe are still low, and Husqvarna is planning its first real push into the US in 2018 (larger lawnmower market than Europe) and has launched the first robots on the commercial side. We thus see several years of 20%+ annual growth for the product category. We also see good growth prospects for the Construction division and many good years to come for Gardena. We reiterate our BUY and have raised our target price to SEK100 (95).
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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