Epiroc (Hold, TP: SEK220.00) - Solid equipment demand
A solid Q1 report included orders and sales up 10% and 3% organically YOY, respectively, and an adj. EBIT margin of 19.9%; however, this included a 190bp FX boost, and we believe underlying margins could remain under pressure until the service mix improves. Albeit with increased uncertainty, management guided for mining demand to remain strong but construction to remain weak near-term. We have trimmed our 2025–2027e sales and adj. EBIT by 2% (FX-related) but reiterate our HOLD and SEK220 target price.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.