Latour (Hold, TP: SEK120.00) - Upper crust warrants rich valuation
We remain more optimistic on Latour than consensus, as the Industrial Operations continue to report strong earnings above the company’s financial targets. However, we believe Latour’s market outperformance in recent months is already priced in given its 4% premium to our NAV. While we believe a rich valuation is justified, our modest 4% NAV forecast for 2019 leads us to reiterate our HOLD. That said, we have raised our target price to SEK120 (115).
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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