Waiting for the next season
We reiterate our BUY recommendation and SEK95 target price, as we are encouraged by the growth in robotic lawnmowers (we expect a push into the North American market next year) as well as by solid earnings growth for Gardena and Construction Products. However, we do not expect Q3 (results due at 08:00 CET on 20 October) or Q4 to be especially exciting, as earnings should remain burdened by the weakness in Consumer Brands.
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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