Klövern (Hold, TP: SEK11.60) - Bid for Agora
Klövern has placed a cash bid for Agora at a 60% premium, valuing Agora at SEK1bn including preference shares. We believe this potential acquisition would increase Klövern’s EBITDA by 7.4%, NIBD by 12% and NAV by 4%. We also note that Klövern’s CEO directly owns 23% of Agora. We have upped our target price to SEK11.6 (11.5) to reflect our raised forecasts, have upgraded our recommendation to HOLD (SELL) after the recent share price decline].
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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