Industrivärden (Buy, TP: SEK220.00) - Appealing portfolio
We consider Industrivärden a good lever on improving macro conditions given the cyclical nature of its portfolio. Although its 7% discount to NAV leaves little room for a re-rating, we now forecast 23% NAV growth for 2020 thanks to our positive portfolio view, which is the key TSR driver. Hence, we have upgraded to BUY (HOLD) with a new target price of SEK220 (235).
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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