Investor AB is an industrial holding company. Through its subsidiaries, Co. invests in companies and industries. Co.'s holdings are divided into two business areas: Core Investments and Financial Investments. Core Investments consists of listed holdings, in which Co. is a major owner, and its wholly-owned subsidiaries. Financial Investments consists of Co.'s investments in EQT and Investor Growth Capital, its partner-owned investments and other investments and activities.
Kinnevik is an investment company with holdings in the sectors of communication, e-commerce, entertainment and financial services. Co.'s holdings include Millicom, a telecommunications and media company providing digital lifestyle products and services to emerging markets, and Tele2, a telecom operator, providing mobile services, fixed broadband and telephony, data network services, cable TV and content services. Within e-commerce, Co. has focused its investments in the shoes and fashion segment through companies such as Zalando with geographical presence in Europe and companies such as Lamoda, Dafiti, Jabong and Zalora focused on emerging markets.
L E Lundbergforetagen AB is an investment company that manages and develops a number of companies. The asset portfolio includes the wholly owned real estate company, Fastighets AB L E Lundberg, the publicly traded subsidiaries, Hufvudstaden and Holmen and the associated companies, Indutrade and Husqvarna. Co. also has major shareholdings in Industrivarden, Handelsbanken, Sandvik and Skanska. Co.'s subsidiary, L E Lundberg Kapitalforvaltning, is engages in securities trading. Operations consist of real estate operations, the manufacture and sale of printing paper, paperboard and sawn timber products, forest and power operations, and equity management (including securities trading).
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.
HMS Networks has taken swift and decisive action to protect margins and cash flows given challenging end-markets. The stock has risen ~75% in the past three years, ~65% of which we estimate can be attributed to multiples expansion. While we like the long-term investment case unfolding from a leading position in a secular growth niche, long-term software/service IIoT potential from a 7m installed base, and scope for M&A, in our view its recent organic growth track record leaves limited upside potential (trading at 40x P/E 2021e, a 20% premium to its three-year average). We reiterate our HOLD bu...
We are fairly in line with Infront consensus ahead of Hexagon’s Q3 report (due on 28 October), but remain 5% above on 2021–2022e EBIT. Hexagon’s 2022e EV/EBIT of 19x still screens as attractive relative to industrial software peers (30x), and we believe it should bridge some of this valuation gap as it demonstrates organic growth prospects beyond a cyclical recovery and FCF resilience. We have raised our target price to SEK705 (685), and reiterate our BUY.
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