Alimak (Hold, TP: SEK130.00) - Facade Access: ‘man’ of the match
The Q3 report was mixed, with orders down 2% organically YOY (4% below consensus) and sales flat YOY (in line with consensus). Facade Access orders rose 25% organically YOY (supported by a large infrastructure order), albeit, offset by construction down 27% organically YOY. The highlight was the 5% adj. EBITA beat, driven by a 160bp margin beat in Facade Access. We reiterate our HOLD but have raised our target price to SEK130 (125), having increased our 2024–2026e adj. EBITA by 3% on FX changes and a 30–40bp higher margin.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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