Alfa Laval (Buy, TP: SEK435.00) - Solid Q4e in the making
We are in line with consensus on Q4e orders but 4–6% below on sales and adj. EBITA following our reduced FX forecasts. We believe underlying trends in Q4 will have been robust compared to Q3 and focus should be mainly on order intake and continued margin improvements in Marine. We have cut our 2024–2025e adj. EBITA by 4–5% on FX, but reiterate our BUY and SEK435 target price. At >20% adj. EPS growth in 2024e, Alfa Laval still screens as one of the best names in the sector and remains a sector top pick.Alfa-Laval AB is a supplier of products and solutions in the technologies of heat transfer, separation and fluid handling. Co.'s equipment is used to heat, cool, separate and transport products in industries that produce food, beverages, fuel, chemicals, pharmaceuticals, starch, sugar and ethanol. They are also used aboard vessels, in power plants, in the engineering industry, for treating sludge and wastewater, for heating and cooling, and others. Co.'s products include: air heat exchangers, plate heat exchangers, shell-and-tube heat exchangers, thermal fluid systems, boilers, decanters, belt filter presses, high-speed separators, membrane filtration, pumps and valves, and tank equipment.
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.
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