Fairly valued ahead of Q3
We reiterate our HOLD recommendation but have raised our target price to EUR53 (52) ahead of the Q3 report (due at 12:00 EEST on 27 October) due to peer multiple expansion. We are below consensus for both Q3e and 2018e and see downside risk in both consensus Kalmar and Hiab estimates, but consider our 2018e EV/EBIT of 13.4x to be fair.Cargotec is a provider of cargo handling solutions. Co. has three business areas: MacGregor, Kalmar and Hiab. MacGregor provides integrated cargo and load handling solutions and services for the maritime transportation and offshore industries. Kalmar offering consists of container and cargo handling equipment and related services, automation, software and integration solutions as well as Navis terminal operating systems, Bromma spreaders and Siwertell bulk handling systems. Hiab is a provider of on-road load handling equipment and services. Hiab provides products, services and spare parts that are used in on-road transport and delivery.
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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