Neles (Hold, TP: EUR13.30) - Merger with Valmet announced
Following the merger announcement on 2 July, we have downgraded to HOLD (BUY). The positive share price reaction reflects the merger details and suggests limited up/downside to our target price of EUR13.3. We consider the merger to be much as we had expected (Waiting for Valmet; up to BUY, 17 June).
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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