Latour (Sell, TP: SEK150.00) - Delivery reflected in lofty valuation
Continued signs of fading growth momentum in its construction-tilted unlisted portfolio should challenge its all-time-high premium to reported NAV of 20%. Still, we believe that Latour’s execution is flawless, with best-in-class assets. As we have a positive view on two-thirds of its portfolio while moving our valuation base to 2020e for the Industrial Operations, we now forecast 2% NAV growth in 2020, thus we have raised our target price to SEK150 (125), but we reiterate our SELL.
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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