Latour (Hold, TP: SEK110.00) - Strongest quarter ever, factored in
Latour reported record-high Q3 earnings in the Industrial Operations, underpinned by solid growth momentum in its industrial and construction end-markets and is well-positioned to enjoy a solid 2018, in our view. Facing tougher comparables in the quarters to come, we believe growth momentum should subside while the all-time high premium to NAV valuation offers limited upside potential. We reiterate our HOLD recommendation and SEK110 target price (7% above Bloomberg consensus), as we expect it to continue to trade at a ~5% NAV premium.
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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