Alimak (Hold, TP: SEK95.00) - Higher margin for 2025e
We have tweaked our 2023–2024 forecasts but raised our 2025e adj. EBITA by 2% on higher Facade Access margin forecasts. While we believe project delays still affected Facade Access’s Q4 order intake, 2025 margins in the division should be boosted by savings from consolidating assembly activity. We reiterate our HOLD but have raised our target price to SEK95 (69), seeing lower risks related to the construction market than before.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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