Latour (Sell, TP: SEK120.00) - Mr Svensson’s curtain call
While Latour reported strong earnings, with Q2 EBIT up 28% YOY in the Industrial Operations, decelerating organic order intake growth of 3% YOY shows signs of a slowdown. We reiterate our SELL and SEK120 target price as a 6% premium to reported NAV ignores the uncertain outlook and weaker growth prospects. Although this premium should fade in the coming months, the risk/reward remains on the downside.
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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