Weekly NAV update
Last week was tough for our coverage, with the sector trading down 4.0% on average. Latour and MSAB reported their Q3 results and saw their shares dip 9.3% and 4.0%, respectively. As a result, Latour’s premium to NAV narrowed by 6.1%-points and the stock is now trading at a premium to NAV of 5.0%, in line with our 12-month estimate. Our top sector picks remain Kinnevik and Investor.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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