Industrivärden (Hold, TP: SEK290.00) - Underlying portfolio more attractive
For investors who seek cyclical and value exposure, in our view Industrivärden looks well placed for a macro recovery, with financial flexibility and extra distribution potential from ~SEK7bn–8bn in upstream dividends for 2021–2022e. While we forecast 10% NAV growth in 2021, we see little re-rating opportunity from its 8% discount to NAV, and prefer SHB, Volvo, Ericsson and SSAB on an individual basis. We reiterate our HOLD but have raised our target price to SEK290 (260).
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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