Investor (Buy, TP: SEK225.00) - Still the place to be for 2023e
Although we believe the absolute upside potential of Investor’s share price has narrowed, it remains our sector top pick given its ‘all-weather’ characteristics, including its: 1) high-quality and resilient assets, demonstrated by the 13%-point SIXRX outperformance in 2022, with c40–50% of its NAV from less-cyclical and more defensive holdings across medtech, healthcare, and late-cyclical industrials; 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) good value at a 17% discount to our NAV. We reiterate our BUY and have raised our target price to SEK225 (215).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.