Alimak (Hold, TP: SEK125.00) - Limited changes ahead of Q3
We are 2% below post-Q2 consensus on Q3e sales and 4% below on adj. EBITA, as we forecast an adj. EBITA margin of 17.0% (Q3 2023 16.1%, consensus 17.4%). We expect the company to guide for project delays in Facade Access continuing in 2024 and into 2025. Following a change of analyst, we have made minor divisional estimate changes. Consequently, we have lowered our 2025–2026e adj. EBITA by 1% (of which c1% FX). We reiterate our HOLD but have raised our target price to SEK125 (117).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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