Securitas (Buy, TP: SEK175.00) - New CEO Ahlqvist’s first quarter
With new CEO Magnus Ahlqvist presenting his first quarterly report (due on 2 May), the stage seems set for a strong show with, in our view, easy comps and support from acquisitions and FX. The Technology Solutions growth case will now be detailed on a quarterly basis, giving better exposure to the most important value driver. FX changes have boosted our 2018–2020e EPS by 6–7% and we have raised our target price to SEK175 (165). We reiterate BUY.
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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