Dependent not only on the cycle We expect the pending split of Atlas Copco to reveal hidden value, as both new entities should be rewarded with best-in-class valuations thanks to their solid track records. Also, we see cyclical end-market support for Mini
Atlas Copco (ATCOA SS, Hold) - Dependent not only on the cycleWe expect the pending split of Atlas Copco to reveal hidden value, as both new entities should be rewarded with best-in-class valuations thanks to their solid track records. Also, we see cyclical end-market support for Mining, long-term secular growth for Vacuum, and a solid balance sheet with room for extra dividends and M&A. Following a change of analyst and a sharp share price rally, we reiterate our HOLD recommendation but have raised our target price to SEK360 (325).
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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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