MHC’s growth in need of a cure
The Q3 report supports our optimistic long-term view of the investment case, driven by strong cash flows and an attractive balance sheet, allowing the company to continue its dividend strategy and support the current portfolio holdings. However, Mölnlycke disappointed again with weak growth and profitability, which could lead to a slightly softer short-term sentiment towards the shares. We keep our BUY recommendation and target price of SEK450 based on a 13% discount to NAV, which we see narrowing from today’s 19%.Investor AB is an industrial holding company. Through its subsidiaries, Co. invests in companies and industries. Co.'s holdings are divided into two business areas: Core Investments and Financial Investments. Core Investments consists of listed holdings, in which Co. is a major owner, and its wholly-owned subsidiaries. Financial Investments consists of Co.'s investments in EQT and Investor Growth Capital, its partner-owned investments and other investments and activities.
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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