Industrivärden (Hold, TP: SEK235.00) - Staying on the side-lines
We have raised our target price to SEK235 (205) on our updated 0% NAV forecast for 2020; however, we continue to find the valuation fair, with the stock trading at a 12% discount to NAV, and we reiterate our HOLD. Based on our fairly modest portfolio view and a lack of near-term share-price catalysts, short-term we believe Industrivärden will perform in line with the market.
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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