Alimak (Hold, TP: SEK127.00) - Dividend potential
We are 8% above consensus on Q3e adj. EBITA (results due on 22 October), implying some upside risk to sales and the adj. EBITA margin. We still like the aftermarket potential in Wind and BMU that has started to materialise in the past few quarters, and await the ongoing business review, which could be a positive catalyst. Trading at a 2022e EV/EBIT of c11x, we view the valuation as fair and reiterate our HOLD but have lifted our target price to SEK127 (121).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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