Swedish Match (Hold, TP: SEK106.00) - A suitable Match
Shortly before yesterday’s Q1 results, Phillip Morris announced a SEK106/share offer for Swedish Match. This news in our view overshadowed a quarter that, apart from confirming the Zyn growth story, was rather uneventful. We recognise the logic behind the approach by Phillip Morris and see no obvious alternative suitor that could drive the price higher, unless there is a potential LBO. We have raised our target price to SEK106 (87) in line with the offer by Phillip Morris, but downgraded to HOLD (BUY), reflecting our view of a high likelihood of acceptance.
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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