Report
Joachim Gunell
EUR 86.87 For Business Accounts Only

Investor (Buy, TP: SEK210.00) - Demonstration of resilience

Despite turbulent markets, we view Investor as an ‘all-weather’ stock with: 1) high-quality listed assets offering relative stability, as indicated by the 11%-points SIXRX outperformance YTD; 2) a conservatively valued unlisted portfolio (23% of NAV); 3) strong balance sheet; 4) sound FCF generation allowing for ~1–2% NAV upside; at 5) an attractive value, trading at a 18% discount to our estimated NAV. In all, we forecast 13% 12-month forward NAV growth, to which we apply a target discount to NAV of 10% to reach our new SEK210 (230) target price. We reiterate our BUY.
Underlying
INVESTOR AB

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Joachim Gunell

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