Assa Abloy: Oddo BHF maintains 'buy' rating
(CercleFinance.com) - Oddo BHF reinstates its "buy" rating on Sweden's Assa Abloy, maintaining its target price of 234 Swedish kronor, saying that the group has a very attractive profile and that Q2 should continue with this momentum.
The broker emphasizes that the share of the Scandinavian supplier of locking systems is trading at a premium of 15% compared to the sector, compared with an historic premium of 20%-30%.
Oddo BHF has raised its EPS estimates by 0.3% in 2019, followed by 0.6% in 2020, particularly integrating the acquisition of De La Rue. For 2019, it expects 4.2% organic growth (vs. consensus of 3.9%) and an adjusted EBIT margin of 15.9% (vs. consensus of 16.0%).
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker emphasizes that the share of the Scandinavian supplier of locking systems is trading at a premium of 15% compared to the sector, compared with an historic premium of 20%-30%.
Oddo BHF has raised its EPS estimates by 0.3% in 2019, followed by 0.6% in 2020, particularly integrating the acquisition of De La Rue. For 2019, it expects 4.2% organic growth (vs. consensus of 3.9%) and an adjusted EBIT margin of 15.9% (vs. consensus of 16.0%).
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.