Latour (Hold, TP: SEK105.00) - The (La)tour continues
Yet again, Latour’s industrial operations reported strong quarterly earnings. Our view remains 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 it lends us some valuation support in that its premium to NAV has abated in recent quarters (we estimate it is currently at a 6% discount), we still see limited potential upside in the shares. We reiterate our HOLD recommendation but raise our target price to SEK105 (100), as we expect the stock to trade at a 0% discount to 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.