Latour (Sell, TP: SEK125.00) - Short-term view remains muted
We like Latour’s long-term prospects, and its active M&A agenda lends upside potential, but as we forecast a 6% NAV decline in the listed portfolio, and see further signs of growth decelerating in the unlisted Industrial Operations, the shares should underperform short-term in our view. Its premium to NAV (2%) is no longer a key issue for us, but we would have to turn more positive on the listed NAV prospects before adopting a less muted view. We reiterate our SELL, but have raised our target price to SEK125 (120) on our updated valuation for Industrial Operations.
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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