Industrivärden (Hold, TP: SEK210.00) - Our view is intact
Our underlying assumptions are broadly intact following the Q2 results, which held few surprises. We are still in neutral territory in terms of the valuation and potential upside (12% discount to NAV; we forecast 1% portfolio NAV growth). Yet we appreciate Industrivärden’s flexible financial situation, with investment capacity of cSEK8bn within its gearing range. We reiterate our HOLD, but have raised our target price to SEK210 (205) on 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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