Lundbergs (Hold, TP: SEK305.00) - No surprises in Q1
Lundbergs continued its strategy of gradually building its investments in the listed portfolio in Q1, while its wholly owned property company reported results broadly in line with our expectations. We like Lundbergs’ focus on long-term, low-risk financial investments and its strong track record, and acknowledge that its discount to NAV (to our estimates) has approached our 12-month target of 5%. However, as we maintain a neutral view on c40% of the underlying portfolio, and find Lundbergs’ current valuation fair, we reiterate our HOLD recommendation and SEK305 target price.L E Lundbergforetagen AB is an investment company that manages and develops a number of companies. The asset portfolio includes the wholly owned real estate company, Fastighets AB L E Lundberg, the publicly traded subsidiaries, Hufvudstaden and Holmen and the associated companies, Indutrade and Husqvarna. Co. also has major shareholdings in Industrivarden, Handelsbanken, Sandvik and Skanska. Co.'s subsidiary, L E Lundberg Kapitalforvaltning, is engages in securities trading. Operations consist of real estate operations, the manufacture and sale of printing paper, paperboard and sawn timber products, forest and power operations, and equity management (including securities trading).
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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