Industrivärden (Hold, TP: SEK195.00) - Normalising valuation, but HOLD on
We consider the Q4 report fairly uneventful, but welcome the higher portfolio activity in 2018. With the stock now trading at a 14% discount to NAV and our forecast of just 5% NAV growth in 2019, we remain neutral on the valuation and potential upside. We therefore reiterate our HOLD recommendation and have trimmed our target price to SEK195 (205) to reflect our updated portfolio view.
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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