Atlas Copco (Hold, TP: SEK195.00) - In one word: Strong
Atlas Copco’s Q1 report impressed with a solid order beat and guidance that implies our estimates and consensus for orders are too low for the rest of 2024e. We view the comments on the semiconductor industry as cautiously optimistic. We have raised our 2024–2026e adj. EBIT by 5–7% and our target price to SEK195 (185), but reiterate our HOLD as the valuation looks full in our view at a 2024e EV/EBIT of 22.5x.Atlas Copco provides industrial productivity products and services. Co.'s operations are divided into four business areas: Compressor Technique (provides compressors, vacuum solutions, gas and process compressors and expanders, air and gas treatment equipment and air management systems), Industrial Technique (provides power tools, assembly systems, quality assurance products, software and service through a global network), Mining and Rock Excavation Technique (provides equipment for drilling and rock excavation), and Construction Technique (provides construction and demolition tools, portable compressors, pumps and generators, lighting towers, and compaction and paving equipment).
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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