Investor (Buy, TP: SEK550.00) - Resilient outperformer
The 10% Q1 NAV decline versus SIXRX at -18% demonstrates that Investor’s portfolio should fare relatively well in this volatile market. We expect the near-term NAV outlook to stay robust, owing to Investor’s: 1) resilience profile from its late-cyclical industrials and medtech holdings (composing ~45% of NAV); and 2) strong cash flow and balance sheet, allowing it to support holdings if needed, but also providing investment flexibility. We continue to see an attractive valuation at a 20% discount to NAV. Having raised our NAV forecast by 3%, we reiterate our BUY and have lifted our target price to SEK550 (540).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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