Latour (Sell, TP: SEK165.00) - Parabolic valuation is a challenge
We are concerned Latour’s 39% premium to reported NAV is partly a result of technical factors from recent index inclusions rather than pure fundamentals. We appreciate Latour’s ownership model and believe a 5% premium to NAV would reflect its best-in-class track record, ESG profile, and quality assets. We have raised our target price to SEK165 (150), but downgraded to SELL, as we believe its strong operational performance is more than reflected in its lofty valuation.
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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