CMD comments
Cargotec's new financial targets were updated last week, ahead of the CMD. The actual CMD did not change our view on the company, and our estimates are unchanged. Our key takeaways: 1) The service and software revenue growth target of EUR1.5bn is based largely on broad-based improvements in traditional after-market business; 2) Hiab's margins should be under FX pressure in 2018e, as we have suspected; and 3) Large automation orders for Kalmar look increasingly unlikely before 2018e. We reiterate our HOLD recommendation and target price of EUR52.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.