Solid quarter
Atlas Copco’s Q3 report was solid overall with order intake 5% ahead of consensus and EBIT ahead of consensus despite more FX headwind than anticipated. We see short- and long-term support for the valuation from the pending split of Atlas Copco, secular growth in Vacuum Technique, a solid balance sheet, and cyclical end-market support as key attractions. However, with only 6% potential upside to our SEK370 (SEK360) target price, we reiterate our HOLD recommendation.
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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