Alimak (Hold, TP: SEK145.00) - Eyes on the prize
Alimak’s CMD supported our view that it has a strong foundation, with a new decentralised organisation, and is doing the right things strategically. However, we reiterate our HOLD as we need to see the improvements reflected in the reported figures to become more positive on the case. We are broadly in line with consensus for Q2 (due on 20 July), but see some downside risk to H2e after lowering our margin assumptions on higher raw material costs. We have lifted our target price to SEK145 (140).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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