Alimak (Buy, TP: SEK115.00) - Aftermarket execution continues
Q1 provided further evidence that Alimak is realising the aftermarket potential in Wind and BMU (a key aspect of the equity story in our view). However, this was somewhat overshadowed by adj. EBITA coming in 30% below consensus on the back of temporary Covid-19-related issues in Industrial Equipment. At a 2021e EV/EBIT of c10x (>20% discount versus historical NTM), we see a good risk/reward, and reiterate our BUY and SEK115 target price.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.
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