Latour (Hold, TP: SEK150.00) - Premium to NAV defying gravity
We reiterate our HOLD, but have raised our target price to SEK150 (140). We believe investors should await a better entry point, with a neutral risk/reward given its 22% premium to reported NAV, 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 25x for its unlisted operations, the shares would trade in line with NAV (compared to M&A compounder peers at 20x).
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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