Investor (Buy, TP: SEK245.00) - Outperformer at a 19% discount
Patricia Industries has been the main driver for NAV outperformance YTD versus SIXRX, and we see sustainable outperformance characteristics, given our 11% 12-month forward NAV growth forecast, its strong balance sheet (~1.5% gearing) providing investment flexibility, and an attractive 19% discount to our NAV (corresponding to SEK150bn). We reiterate our BUY and have raised our target price to SEK245 (240).
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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