Industrivärden (Hold, TP: SEK210.00) - Continued focus on deleveraging
Over the past two years, value creation has taken place in its existing portfolio holdings rather than new investments. We expect this to continue in 2018, as deleveraging will remain a key focus area. We still like its transformation story, and while the 5%-discount increase YTD lends some valuation support, our updated view of its portfolio holdings offset this. We reiterate our HOLD recommendation, but have lowered our target price to SEK210 (220).
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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