Report
Johannes Grunselius
EUR 484.13 For Business Accounts Only

Alleima - Initiation of coverage - Multi-year mix story in the making

Alleima is not a traditional steel company, but rather a niche product company manufacturing products from advanced stainless steel. Most of its end-markets are benefiting from structural growth, while its market-leading positions in prioritised end-segments offer superior profitability and above-group average demand growth prospects. Based on a steady mix shift towards prioritised lucrative niches, we estimate a 12% 2024–2030 EBIT CAGR. We find the balance sheet holding net cash and the valuation attractive, and initiate coverage with a BUY and SEK100 target price.
Underlying
ALLEIMA AB

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Johannes Grunselius

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