DnB Markets - Latour AB Investment Class B (LATO B) Latour (Buy, TP: SEK332.00) - Unscathed by the downturn

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DnB Markets

Linus Sigurdson

EUR 94.52 For Business Accounts Only

Latour (Buy, TP: SEK332.00) - Unscathed by the downturn

With demand now showing signs of normalising, Latour has proved its resilience through the downturn. A resumed M&A agenda and a return to organic sales growth YOY give us confidence in the 2025 outlook, and we are willing to look past the steep premium to NAV for what we view is a quality name in the sector. We have upgraded to BUY (HOLD) and raised our target price to SEK332 (285), based on: 1) 7% NAV growth from its listed portfolio; 2) an EV/EBIT of 26x for its Industrial Operations; and 3) a 15% target premium to our 12-month forward NAV.

27/08/2024 1 EN

Underlying

Latour AB Investment Class B

Investment AB Latour is a mixed investment company. Co.'s operations are primarily carried out in two business lines: the wholly owned industrial operations and a portfolio of listed holdings. Co.'s wholly owned industrial operations consist of companies that develop, produce and market their own products in customer segments that represent considerable international demand. Co.'s investment portfolio consists of nine companies where it is the principal owner or one of the principal owners and where it controls at least 10.0% of the votes. In addition to the two principal business lines, Co. owns a number of part owned unlisted operations.

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SE0010100958 Nasdaq Nordic Stockholm Sweden

Provider

DnB Markets

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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Analysts

Linus Sigurdson

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Latour (Buy, TP: SEK332.00) - Unscathed by the downturn

The weekly navigator

The weekly navigator

Latour Investment AB: 1 director

Edda Wind (Buy, TP: NOK30.00) - Well positioned

Valuation and market update

Petrobras FPSO delays may hit service volumes but lengthen cycle

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