Industrivärden (Buy, TP: SEK330.00) - Positive portfolio view
We reiterate our BUY and SEK330 target price based on: 1) our updated portfolio, for which we forecast NAV growth (the key share-price driver for investment companies) of 25% 12-month forward, with a positive view on 70% of the underlying portfolio; and 2) an attractive relative valuation, although we expect the stock’s 8% discount to NAV to increase to 15%, while it is trading at a portfolio-weighted P/E of 12x. We still prefer our sector top pick Investor over Industrivärden in the medium term, but believe the risk/reward remains attractive at current prices.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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