Cargotec (Buy, TP: EUR25.00) - Q2 to be hard hit
Ahead of the Q2 report, we have lowered our 2020–2022e clean EPS by c6% on average. The cut to our 2020e reported EPS is the largest reduction due to the announced EUR35m cost relating to the ownership change in the Chinese JV. We reiterate our BUY and EUR25 target price.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.
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