Investor (Buy, TP: SEK230.00) - Quality increasingly reflected
We still find Investor fundamentally attractive as the ideal portfolio anchor set for a benchmark index outperformance following solid Q2 results where strong cash flows took centre stage. We forecast 8% 12-month forward NAV growth from its attractive portfolio, with potential upside from its self-sustainable cash flow platform, and apply a 5% target discount to NAV. Our model indicates a 12% discount to NAV, versus the sector average premium of 12%, suggesting the most attractive risk/reward profile in the sector. This leads us to reiterate BUY, with a SEK230 target price following the share split in May.Investor AB is an industrial holding company. Through its subsidiaries, Co. invests in companies and industries. Co.'s holdings are divided into two business areas: Core Investments and Financial Investments. Core Investments consists of listed holdings, in which Co. is a major owner, and its wholly-owned subsidiaries. Financial Investments consists of Co.'s investments in EQT and Investor Growth Capital, its partner-owned investments and other investments and activities.
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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