SBB Norden (Sell, TP: SEK26.00) - Another very active quarter
The extremely high transaction level continued in Q2 at full pace, with numerous large and estimate-moving deals. We have updated our forecasts based on the transaction details disclosed. Ahead of the results (due at 08:00 CET on 15 July), our Q2 forecasts are largely in line with Infront consensus. With fewer shares issued to mandatory convertible bondholders than expected, we have raised our NTA forecasts and our target price to SEK26 (23). However, we consider the stock and EV valuation too rich versus peers and reiterate our SELL.
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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