Alimak Minor model adjustments
We are 3% and 8% below Bloomberg consensus (only three contributors) on Q2e sales and EBIT, respectively (results due on 21 August). We have lowered our 2019–2121e orders, sales and EBIT by 1–3% mainly due to currency fluctuations since our latest update. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We have lowered our target price from SEK160 to SEK155. Our Q2 estimates. For Industrial Equipment, we expect a continued margin recovery (Q2e: 6.1% vs. Q1: 5.9%) and a QOQ increase in order intake (Q2e: SEK553m vs. Q1: SEK477m), as Q1 was temporarily hampered (SEK-45m) by stricter internal conditions for order booking. We also look for further order intake stabilisation in Construction Equipment (Q2e: SEK217m vs. Q1: SEK212m).Alimak is engaged in the design, development, manufactue, distribution and servicing of vertical access solutions predominantly in rack-and-pinion, and also traction technologies. Co. supplies industrial elevators, hoists and work platforms based on rack-and-pinion technology. At the core of Co.'s products are the Alimak and Hek rack-and-pinion elevator, hoist and work platform brands as well as Heis-Tek traction elevator brand. Co. operates in the following operational segments: Construction Equipment; Industrial Equipment; Rental and After Sales.
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.