Cargotec (Hold, TP: EUR39.00) - Strong orders from Kalmar, again
Cargotec’s Q3 results were mixed. Kalmar continued to surprise markets with strong order intake, while profitability continued to decline YOY. Unchanged 2018e guidance indicates that management expects to see robust EBIT growth in Q4. We have trimmed our target price to EUR39 (41) and retain our HOLD recommendation.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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