Alfa Laval (Buy, TP: SEK435.00) - The Alfa that gives you Alpha
We have upgraded Alfa Laval to BUY (HOLD), as we believe the past week’s share-price softness offers a good entry point into a key enabler of the energy transition and one of the most promising long-term stories in the sector. We have raised our 2024–2025e adj. EBITA by c4% and are now 7–9% above consensus, which underestimates the potential structural margin uplift in Energy as well as Marine’s demand outlook and margin recovery, in our view. We have raised our target price to SEK435 (415).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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