Alimak (Hold, TP: SEK81.00) - Integration on track
We continue to expect 2023 sales to be supported by a strong backlog, but have lowered our sales and adj. EBITA by 1% and 2% (mainly on FX changes and a lower margin assumption in Construction). We believe construction activity and industrial spending continued to hold up in Q1. The integration of Tractel seems to be on track, although it is still early days. We reiterate our HOLD but have lowered our target price to SEK81 (105) following the closing of the rights issue.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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