Swedish Match (Hold, TP: SEK106.00) - Continued Zyn momentum in Q2
With the offer period for PMI’s bid still open, the Q2 results were less relevant – although the c5% top-line beat illustrated still-strong Zyn momentum, which arguably could fuel deal resisters. However, we still find it difficult to assess how the big shareholders will ultimately respond once the offer period ends. We therefore reiterate our HOLD and SEK106 target price, which is in line with PMI’s current offer.
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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