DnB Markets - Latour AB Investment Class B (LATO B) Latour (Buy, TP: SEK340.00) - MA sets 2025e up nicely

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DnB Markets

Linus Sigurdson

EUR 90.72 For Business Accounts Only

Latour (Buy, TP: SEK340.00) - M&A sets 2025e up nicely

Following a solid Q4 report, Latour’s unlisted Industrial Operations look set for ~15% 2025e EBIT growth, driven by the numerous acquisitions made LTM, suggesting an implicit 2025e EV/EBIT of 25x, or a notable discount to M&A compounder peers. We note the improved cost base should demand return quicker than expected and see scope for further acquisitions during the year. We reiterate our BUY and have raised our target price to SEK340 (335), based on: 1) NAV growth of 11% from its listed portfolio; 2) an EV/EBIT of 23x for its Industrial Operations; and 3) a 15% target premium to our 12-month forward NAV.

12/02/2025 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: SEK340.00) - M&A sets 2025e up nicely

The weekly navigator

The weekly navigator

The weekly navigator

Billerud (Buy, TP: SEK130.00) - In a good place with excess cash

UPM (Buy, TP: EUR36.00) - Separating the wheat from the chaff

Gubra - Initiation of coverage - Punching above its weight class

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