Swedish Match (Hold, TP: SEK116.00) - Expecting another solid top line
We expect another solid top line from Swedish Match in Q3, with still-strong momentum in the US smoke-free business. However, we also see margin pressure from the ongoing channel shift in the Nordics and higher marketing spend in the US. That said, we expect the revised PMI bid to overshadow the Q3 report. We reiterate our HOLD, but have raised our target price to SEK116 (106) to reflect PMI’s increased bid.
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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