Atlas Copco (Sell, TP: SEK300.00) - CT key for 2020 performance
Long-term, Atlas Copco appears well-placed to generate good growth in a low-growth environment, but medium-term we see a risk of weak order intake in CT from softer global demand and tough comparables for large gas and process compressors. We also note that in recent quarters, excluding FX tailwinds, Atlas Copco’s EBIT growth has been muted despite decent organic growth. Given the high relative and absolute valuation, we reiterate our SELL but have raised our target price to SEK300 (285) as we shift the valuation base to 2021e.
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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