Good owners living up to their name
The ‘good owner’ business model continues to outperform the market and receive recognition from investors, which has resulted in a sector re-rating in recent years with historically low discounts to NAV. We expect this trend to continue as long as equity markets are strong and liquid. Following a change of analyst, we have upgraded Industrivärden and MSAB to HOLD (SELL), and we reiterate our SELL recommendation on Lundbergs, our HOLD on Latour, and our BUYs on our sector top picks Investor and Kinnevik.
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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