Alimak (Hold, TP: SEK85.00) - Strong H2e, but softer beyond
We believe construction activity held up well in Q2, and that growth should be supported by a strong backlog throughout the year. However, we have lowered our 2023e group sales by 12% on the weaker outlook for the construction industry. We expect cost inflation to overshadow price increases in Facade Access in Q2 and remain a headwind for some time. Following a change of analyst, we reiterate our HOLD but have cut our target price to SEK85 (135) on a changed macro climate since our latest update and lower valuation due to higher interest rates.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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