Alimak (Hold, TP: SEK145.00) - A step in the right direction
Alimak’s Q2 report was a step in the right direction where its 12.3% EBITA margin (120bp above consensus) shows it is delivering on the ambition to secure margin improvements in 2021 and laying a foundation to shift focus towards growth in 2022. Despite a weak order intake, we view the report as supportive to the equity story but reiterate our HOLD as we need further evidence that the improvements seen in Q2 are lasting. We have raised our 2021e EBITA by 4% (2022–2023e unchanged) and reiterate our SEK145 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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