Industrivärden (Hold, TP: SEK220.00) - A fairly valued outperfomer
We appreciate that Industrivärden proposed to raise the dividend to SEK5.5/share. CEO Stjernholm highlighted that continued deleveraging will be a priority; hence we see limited room for new investments near-term. We like its transformation story, but see limited upside potential in the shares given the current discount to NAV of 10.2%. We reiterate our HOLD recommendation, but have raised our target price to SEK220 (210) to reflect our updated view of its portfolio.
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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