Investor (Buy, TP: SEK500.00) - Sector top pick for 2019
We keep our BUY and SEK500 target price following Investor’s Q4 report, on our view that: 1) earnings in the unlisted portfolio remain strong; 2) EQT’s strategic review (7% of its GAV) in 2019 should reveal substantial hidden values, adding c2–5% to Investor’s NAV; and 3) as risk sentiment remains downbeat, we like Investor’s late-cyclical exposure hence it is our sector top pick and should stay a 2019 outperformer.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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