Investor (Buy, TP: SEK330.00) - Continued underlying progress
While NAV saw a fairly undramatic improvement QOQ in Q3, we note the continued strong operational progress across the Patricia Industries portfolio, including 13% OCF growth YOY. We recognise the thin discount to reported NAV (4%), should markets slump near-term, but remain attracted to Investor’s sustainable outperformance characteristics, including its strong balance sheet. We reiterate our BUY and have raised our target price to SEK330 (325), reflecting 8% 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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