DnB Markets - Neles (NELES) Neles (Hold, TP: EUR11.50) - Alfa Laval bidding for Neles

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DnB Markets

Tomi Railo

EUR 88.68 For Business Accounts Only

Neles (Hold, TP: EUR11.50) - Alfa Laval bidding for Neles

Yesterday (13 July) Alfa Laval announced an offer to acquire all Neles shares in cash for EUR11.50, c20% above our target price. We have downgraded the stock to HOLD (BUY) with a new target price of EUR11.50 (EUR9.50), reflecting the offer.

14/07/2020 13 EN

Underlying

Neles

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Provider

DnB Markets

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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Analysts

Tomi Railo

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Neles (Hold, TP: EUR13.30) - Merger with Valmet announced

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Neles (Buy, TP: EUR13.30) - Waiting for Valmet; up to BUY

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Neles (Hold, TP: EUR11.50) - Alfa Laval bidding for Neles

Neles (Hold, TP: EUR13.30) - Orders fine, profits soft

Neles (Hold, TP: EUR13.30) - Merger with Valmet announced

Neles (Buy, TP: EUR13.30) - Waiting for Valmet; up to BUY

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

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