Industrivärden (Hold, TP: SEK375.00) - Portfolio view less positive
We maintain a positive view on large parts of the portfolio, including an assumption of 19% 12-month forward NAV growth. That said, with the near record-low discount of 2%, we believe investors are still better off investing directly in the underlying assets, which are trading at a portfolio-weighted P/E of c13x, a ~25% discount to the OMXS30. We remain on the sidelines and reiterate our HOLD, and have lowered our target price to SEK375 (380), reflecting our more neutral view of its core holding, Volvo (~30% of its fully replicable portfolio).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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