Latour (Hold, TP: SEK140.00) - Fairly valued; HOLD on
Having updated our portfolio view, we forecast 15% NAV growth in 2020, and believe Latour is now fairly valued, prompting us to upgrade the stock to HOLD (SELL). However, we have cut our target price to SEK140 (150), and believe Investors should await a better entry point, although we find Latour’s execution flawless and like the long-term best-in-class NAV growth track record. For investors willing to pay a 12-month trailing EV/EBIT of 24x for its unlisted operations, the shares would trade in-line with NAV (compared to M&A compounder peers at 16x).
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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