Investor (Buy, TP: SEK470.00) - Private holdings perform well
Our positive view of the Investor case has been bolstered by solid earnings in Q2, where highlights included strong performance in private holdings, which in our view is not reflected in the share price. We continue to believe the current discount to NAV is excessive at 29% (our estimate) and does not reflect Investor’s track record, active ownership, dividend capacity, and lower management costs. We reiterate our BUY recommendation and target price of SEK470.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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