Atlas Copco (Sell, TP: SEK360.00) - Fully valued
Long-term, we believe Atlas Copco is well placed for good growth in a low-growth environment. However, medium-term, we see a risk of weak order intake and earnings relative to consensus; we are 7% below consensus on 2021e order intake and 6% below on adj. EBIT. Given its high relative and absolute valuations, we reiterate our SELL, but have raised our multiples-based target price to SEK360 (340).
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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