Investor (Buy, TP: SEK325.00) - Discount contraction warranted
Investor’s NAV growth continued to outperform the SIXRX at 8% QOQ in Q2, the first quarter under Christian Cederholm’s leadership, underpinned by strong performance in the listed portfolio and earnings delivery across Patricia Industries. We advise investors to look beyond the recent discount to NAV contraction given its solid track record and potential for further portfolio activity on its conservative gearing. We reiterate our BUY and have raised our target price to SEK325 (290), reflecting 7% 12-month forward NAV growth.
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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