Investor (Buy, TP: SEK215.00) - An ‘overtaker’ in sun and rain
We view Investor as an ‘all-weather stock’ with sustainable outperformer characteristics through its: 1) high-quality and resilient assets as demonstrated by the 14%-points SIXRX outperformance YTD; 2) strong balance sheet and FCF generation, which should allow it to build 1–2% annual NAV growth in addition to a steadily increasing dividend; and 3) attractive value, trading at a 21% discount to our estimated NAV. In all, we forecast 15% 12-month forward NAV growth, to which we apply a target discount to NAV of 10% to reach our SEK215 (210) target price. We reiterate our BUY.
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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