Atlas Copco (Hold, TP: SEK600.00) - Ramping up, but not enough
We expect the strong order intake growth to continue and forecast a sequential increase in Q3 (4% above consensus). However, our adj. EBIT is below consensus due to lower sales. Fundamentals still appear favourable given 1) an improved outlook for Vacuum Technique; and 2) Compressor Technique gaining market share. Nevertheless, we consider the valuation rich relative to historical averages and reiterate our HOLD and SEK600 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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