Investor (Buy, TP: SEK230.00) - Ideal portfolio anchor at good value
We continue to like the short-, medium-, and long-term investment case in Investor, which in our view offers: 1) sustainable NAV outperformance characteristics (we expect 12% 12-month forward growth in NAV); 2) strong balance-sheet and cash-flow (cSEK80bn investment capacity following the SOBI divestment) to sustainably grow dividends; and 3) a 19% discount to our estimated NAV, which highlights the attractive value versus large-cap peers at a 7% premium. We reiterate our BUY and our SEK230 target price.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.