Atlas Copco (Hold, TP: SEK550.00) - Yet another order beat
Order intake in Q2 of SEK32.5bn was impressive, 11% above consensus and 28% above the average since Q1 2018. Fundamentals for 2021e look favourable, driven by: 1) a reversal of the weakness in operating leverage; 2) an improved outlook for Vacuum Technique; and 3) Compressor Technique gaining market share. However, we consider the valuation rich relative to historical averages and reiterate our HOLD and SEK550 target price.
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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