Lundbergs (Buy, TP: SEK515.00) - Screens well on most metrics
Lundbergs’ relative outperformance YTD reflects its defensive and quality portfolio characteristics, which should limit the potential downside. It is trading at an implied 11% discount to NAV given the discount-on-discount effect from the Industrivärden holding. We view this valuation as attractive in light of the 12% NAV growth for 2022e on our updated portfolio view. Although we continue to prefer other names in the sector, we believe the current risk/reward is acceptable. Hence, we have upgraded to BUY (HOLD) and raised our target price to SEK515 (510).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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