Discount to go with the flow
As the Q3 report was free of surprises, we continue to like the transformation story in Industrivärden. However, the share price upside potential has fallen as the discount to NAV has shrunk to 6%. That said, we reiterate our HOLD recommendation and SEK210 target price (upgraded from SEK185 in our sector book published earlier this week) as we believe it will continue to realise value in its holdings under the firm grip of CEO Stjernholm and COB Lundberg, which combined with the sector re-rating translates into an estimated discount of 5%.
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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