The combination of positive company-specific developments and a weak share price over the past six months has created an opportunity in LUNE. These positive developments are reflected through a +10 SEK/sh NAV-increase on our numbers (despite the strengthening of SEK vs USD in the same period), hence we raise our TP to SEK 250 (240). As the company now screens more attractive on valuation (from P/NAV ~1.0x to ~0.88x), we upgrade to Buy.
10 Nov 2020
Trading at a rare discount
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Trading at a rare discount
The combination of positive company-specific developments and a weak share price over the past six months has created an opportunity in LUNE. These positive developments are reflected through a +10 SEK/sh NAV-increase on our numbers (despite the strengthening of SEK vs USD in the same period), hence we raise our TP to SEK 250 (240). As the company now screens more attractive on valuation (from P/NAV ~1.0x to ~0.88x), we upgrade to Buy.