Latour (Hold, TP: SEK100.00) - Cautious on growth outlook
Q4 was yet again a record quarter, with strong organic growth in Industrial Operations, while the board proposed a rise in the DPS to SEK2.25 (2.3% yield). Our view is still dampened by tougher comparables and a more cautious acquisition agenda going into 2018, which is likely to lessen growth momentum. In addition, our listed portfolio view is still somewhat muted. While Latour’s premium to NAV has abated in recent quarters, we still see limited potential upside in the shares. We reiterate our HOLD recommendation but lower our target price to SEK100 (105), as we expect the stock to trade in-line with our 12-month forward NAV.
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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