Investor (Buy, TP: SEK590.00) - Steady performer at good value
Investor proposed raising its DPS to SEK14 (in line with expectations), but it still seems slightly low as we believe that its strong upstream cash flow would allow for a 20% persistently higher DPS. We still see its late cyclicals, resilient medtech holdings and strong cash flow platform continuing to deliver benchmark outperformance at what we consider to be a good value at an 18% discount to its NAV. We reiterate our BUY and have raised our target price to SEK590 (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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