Investor (Buy, TP: SEK320.00) - Well-equipped for uncertain times
Q1 was a slight disappointment, with NAV growth lagging the SIXRX QOQ, driven by a 9% writedown of its unlisted Patricia Industries (mostly on multiples and FX, with some temporary operational headwinds in Mölnlycke). That said, Investor is well placed to navigate the uncertain macro landscape in our view (e.g. relatively high share of local production), and we remain convinced by the unlisted portfolio story, including the USD2.2bn acquisition of Nova Biomedical. We reiterate our BUY, but have lowered our target price to SEK320 (345).
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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