Latour (Hold, TP: SEK120.00) - Down to SELL
At a 10% premium to reported NAV on a weighted NAV-based P/E that is already at a 56% premium to its benchmark index, history suggests Latour should now underperform its benchmark index. We believe a rich valuation is justified by Latour’s unparalleled TSR track record, which is why we continue to apply a 0% discount to our 12-month forward NAV (five-year discount average of 4%). We reiterate our SEK120 target price but have downgraded the stock to SELL (HOLD).
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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