MSAB (Hold, TP: SEK615.00) - Edge taken off positive view
MSAB’s Q3 results were free of surprises, with a NAV of SEK567/share at quarter-end, in line with our estimate. We like the valuation given solid fundamentals in key holdings, while seasonality implies a narrowing discount ahead of the AGM. However, our positive view is somewhat softened by uncertainties relating to management in key holdings. We keep our HOLD recommendation but have raised our target price to SEK615 (590) as we see its discount narrowing to 0% on our 12-month forward NAV from today’s 3% discount.
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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