Industrivärden Minor model adjustments
We have updated our estimates following Industrivärden’s Q4 results. We do not consider these changes to be material, and have not changed our BUY recommendation, but we have raised our target price to SEK230 (220). In our recent note (published 2 April), we upgraded Industrivärden to BUY (HOLD), saying it offered exposure to improving macro conditions given the cyclical nature of its portfolio, with a robust, de-leveraged balance sheet. We see no room for a NAV discount-based re-rating (currently 3%), but forecast 16% NAV growth in 2020.
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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