Alimak (Hold, TP: SEK127.00) - Expecting a slow recovery
We are 5% below consensus on Q4e adj. EBITA (report due on 11 February), where we believe lockdowns have continued to challenge demand with customers postponing investment decisions and delaying deliveries. Although we find the investment story appealing, with the aftermarket potential in Wind and BMU starting to materialise, we find the valuation fair at c12x our 2022e EV/EBIT and reiterate our HOLD and SEK127 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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