Latour (Hold, TP: SEK115.00) - Discount detour too far south
Our portfolio view no longer offers enough potential upside, and while we reiterate our SEK115 target price, the valuation now looks a little demanding and we have downgraded Latour to HOLD (BUY). The shares have outperformed the SIXRX by 14% since the Q2 results, when we highlighted the short-term attractiveness, but as the discount to NAV story has now played out (we estimate it is now at a 4% premium), our 12-month forward NAV growth forecast of 5% in its portfolio is not enough to hold our attention.
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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