Investor (Buy, TP: SEK290.00) - Seamless succession
Patricia Industries showcased strong performance in Johan Forssell’s final quarter as CEO. He leaves his successor with a well-oiled machine, an impressive track record and strong financial flexibility for value-adding M&A activity. We expect continued NAV outperformance under the helm of Christian Cederholm and find the 13% discount to our NAV excessive. We reiterate our BUY and have raised our target price to SEK290 (260).
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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