Investor (Buy, TP: SEK500.00) - Unlisted holdings offer depth
We remain our positive on Investor following its Q3 report. Short-term, we highlight that 1) EQT’s decision to review strategic options could reveal c2% of NAV upside for Investor on our estimates; 2) we have a positive view on 71% of its portfolio (appreciating the late-cyclical nature of its holdings); 2) MHC delivered strong performance in Wound Care, which tends to be key to Investor’s share performance; and 3) we believe the current discount to NAV is excessive at 28% (our estimate; 26% using Investor’s values). We reiterate our BUY recommendation and SEK500 target price.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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