Report
Hannes Thorstensson
EUR 462.22 For Business Accounts Only

Alimak (Hold, TP: SEK140.00) - Mean reversion

We are in line with post-Q4 consensus on Q1 sales and adj. EBITA, as we forecast sales of SEK1,800m and an adj. EBITA margin of 18.2% (Q1 2024 16.4%). We expect a sequential decline in the Facade Access adj. EBITA margin, as it was boosted by contingency releases booked in Q4, but a recovery in Construction. We have lowered our 2025–2027e sales by 5% and adj. EBITA by 7% on average due to FX. We reiterate our HOLD and SEK140 target price.
Underlying
Alimak Group AB

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Hannes Thorstensson

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