Latour (Sell, TP: SEK170.00) - Valuation divorced from NAV
We acknowledge that Latour deserves its best-in-class perception and that investors buying the stock at these levels in many cases have a horizon that stretches beyond our 12-month view. However, as valuation anomalies appear to be emerging in the sector, we highlight that Latour’s 62% premium to reported NAV is already pricing in ~15% NAV CAGR to 2023/2024e from an all-time high NAV, which leaves no room for disappointment in our view. We reiterate our SELL with a new SEK170 (165) target price, based on a 5% premium to our 12-month forward NAVPS of SEK164.
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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