Investor (Buy, TP: SEK470.00) - (Almost) back on track
We keep our BUY recommendation and have raised our target price to SEK470 (460) following the Q1 results as: 1) we see signs of improvement in key holdings and FX tailwinds leave us 16% ahead of Investor’s values for Patricia Industries and EQT; 2) its continued strong cash flows and sound financial position give it ample investment capacity; 3) our updated positive view on 50% of the portfolio; and 4) the current discount to NAV of 27% (DNBe) does not reflect its track record, active ownership, dividend capacity, and lower management costs.
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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