Alimak (Hold, TP: SEK87.00) - Solid Q2
Group Q2 sales and adj. EBITA beat consensus by 1% and 4%, respectively, and Industrial and Wind enjoyed strong adj. EBITA margins; however, the Facade Access margin showed no sign of improvement. Alimak said higher interest rates have started to affect parts of its business, and would continue to do so near-term. Our 2023e sales are roughly unchanged, but we have raised our adj. EBITA by 1% on higher margin assumptions, and we reiterate our HOLD and SEK87 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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