Industrivärden (Buy, TP: SEK320.00) - Offers value from most angles
Despite a proposed a 2021 DPS of SEK6.75, we saw room for an extraordinary DPS of SEK5. This suggests Industrivärden will continue to focus on building its positions in its existing portfolio in 2022, buying shares at 100% of the market price instead of acquiring its own shares at a double-digit discount. While this highlights it offers more of a control structure for the Lundberg sphere, we still see attractive 14% NAV growth potential for 2022 from a portfolio with clear value characteristics and believe the stock offers an attractive risk/reward at current levels. We reiterate our BUY and have raised our target price to SEK320 (300).AB Industrivarden is a holding company with an active ownership role in a concentrated selection of listed Nordic companies with good development potential. Co.'s mission is to create shareholder value based on a professional investment operation and active ownership in its portfolio companies. The goal is to generate high growth in net asset value over time.
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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