Atlas Copco AB Series A

Atlas Copco provides industrial productivity products and services. Co.'s operations are divided into four business areas: Compressor Technique (provides compressors, vacuum solutions, gas and process compressors and expanders, air and gas treatment equipment and air management systems), Industrial Technique (provides power tools, assembly systems, quality assurance products, software and service through a global network), Mining and Rock Excavation Technique (provides equipment for drilling and rock excavation), and Construction Technique (provides construction and demolition tools, portable compressors, pumps and generators, lighting towers, and compaction and paving equipment).
  • TickerATCO A
  • ISINSE0011166610
  • ExchangeNasdaq Nordic Stockholm
  • SectorIndustrial Engineering
  • CountrySweden
Karl Bokvist ...
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – August 2020

Q2 surprised positively, adj. EBIT 44% was above expectations. On average, we left 2020-2021e EBIT unchanged, with good upgrades in Volvo, ABB, Alfa Laval. PMI’s are indicating a return to organic growth in Q4’20, we see upside to forecasts in some of the short-cycle names. The stronger SEK is a headwind and a risk to 2021e adj. EBIT of 4-7% for most companies. We continue to see attraction in mining equipment. Our key long ideas are: Sandvik, Volvo, Metso Outotec, Electrolux We are cautious on: Assa Abloy, Kone, Wärtsilä

Aksel Øverland Engebakken ...
  • Anders Idborg
  • Daniel Thorsson
  • Karl Bokvist
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Petter Nystrøm
  • Simon Granath
  • Tobias Kaj
  • Victor Forssell
  • Viktor Sundberg

Talking Points - Ringkjøbing Landbobank (Sell): Here we go again: Down to SELL on valuation

Balder (Buy) Post-result: Favourable exposure to low-risk properties A favourite for good reasons, but valuation appears off Downgrade to SELL (Hold); TP down to DKK 400 (410)

Anders Idborg ...
  • Olof Cederholm

Atlas Copco - Priced for perfection, and almost living up to it

Orders in-line, but deliveries and earnings surprise EBIT ’20 +5%, EBIT ’21-22 +2-3% Strong execution and drivers; but at record multiples

Anders Idborg ...
  • Olof Cederholm

Atlas Copco - Compressors cruise through

Orders in line, EBIT 19% better on strong compressors Estimates likely up 5-7% To support its 30+ P/E in short term

Anders Idborg ...
  • Olof Cederholm

Atlas Copco - Heads-up for report

Atlas Copco will report its Q2 on Thursday 16 July at 8.30 CET. Conference call at 10.00 CET: / 2 / .

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global equities consolidating We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving averages. On the other hand, the MSCI EM index is breaking below its 200-day moving average and is flirting with a breakdown below 56,000 support (local currency). Weakness within EM raises concerns that global equities may also succumb to weakness... see charts below. • Global equities consolidating. We take a look at the big picture, providing overviews on broad MSCI indexes (ACWI, ACWI ex-U.S., and EAFE)... see page 2. ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Karl Bokvist ...
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – August 2020

Q2 surprised positively, adj. EBIT 44% was above expectations. On average, we left 2020-2021e EBIT unchanged, with good upgrades in Volvo, ABB, Alfa Laval. PMI’s are indicating a return to organic growth in Q4’20, we see upside to forecasts in some of the short-cycle names. The stronger SEK is a headwind and a risk to 2021e adj. EBIT of 4-7% for most companies. We continue to see attraction in mining equipment. Our key long ideas are: Sandvik, Volvo, Metso Outotec, Electrolux We are cautious on: Assa Abloy, Kone, Wärtsilä

Aksel Øverland Engebakken ...
  • Anders Idborg
  • Daniel Thorsson
  • Karl Bokvist
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Petter Nystrøm
  • Simon Granath
  • Tobias Kaj
  • Victor Forssell
  • Viktor Sundberg

Talking Points - Ringkjøbing Landbobank (Sell): Here we go again: Down to SELL on valuation

Balder (Buy) Post-result: Favourable exposure to low-risk properties A favourite for good reasons, but valuation appears off Downgrade to SELL (Hold); TP down to DKK 400 (410)

Anders Idborg ...
  • Olof Cederholm

Atlas Copco - Priced for perfection, and almost living up to it

Orders in-line, but deliveries and earnings surprise EBIT ’20 +5%, EBIT ’21-22 +2-3% Strong execution and drivers; but at record multiples

Anders Idborg ...
  • Olof Cederholm

Atlas Copco - Compressors cruise through

Orders in line, EBIT 19% better on strong compressors Estimates likely up 5-7% To support its 30+ P/E in short term

Anders Idborg ...
  • Olof Cederholm

Atlas Copco - Heads-up for report

Atlas Copco will report its Q2 on Thursday 16 July at 8.30 CET. Conference call at 10.00 CET: / 2 / .

An unfavourable environment weighs on ATLAS COPCO AB, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of ATLAS COPCO AB (SE), active in the Industrial Machinery industry. As regards its fundamental valuation, the title still shows 0 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date February 25, 2020, the closing price was SEK 337.50 and its target price was estimated at SEK 316.92.

Expert Corporate Governance Service (ECGS)

Atlas Copco – AGM 23 April 2020

In general, Atlas Copco is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.   Under ITEM 10a, approval is sought for the (re-)election of the board of directors. In light of insufficient independent representation and gender diversity on the board of directors, as well as concerns over the aggregate time commitments of various directors, ECGS recommends to OPPOSE.   Under ITEM 10b, the nomination committee proposes to re-appoint Mr. Hans Straberg as the Chairman of the board of directors. ECGS has various concerns over hi...

Expert Corporate Governance Service (ECGS)

Atlas Copco - AGM 25 April 2019

In general, Atlas Copco is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 10a, approval is sought for the (re-)election of the board of directors. In light of insufficient independent representation on the board of directors as well as concerns over the aggregate time commitments of no less than 4 directors, ECGS recommends to vote OPPOSE. Under ITEM 10b, the nomination committee proposes to re-appoint Mr. Hans Straberg as the Chairman of the board of directors. ECGS has various concerns over his re-appointment...

Atlas Copco AB – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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