Lundbergs (Sell, TP: SEK510.00) - Stable NAV and Index exclusion
Q1 saw Lundbergs’ NAV growth slightly underperform the SIXRX, and we continue to expect virtually flat NAV growth over the coming 12 months. In addition, we believe the stock’s upcoming exclusion from the OMXS Benchmark Index could see the discount to NAV widening given the relatively limited free float, with negligible discount-on-discount effects from its Industrivärden holding. We reiterate our SELL, but have raised our target price to SEK510 (485), reflecting a slightly less negative view on its listed portfolio.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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