Cargotec (Buy, TP: EUR36.00) - Orders still strong
We have raised our 2022–2024e clean EPS by c7% on average following the strong Q2. We have increased our target price to EUR36 (33) and reiterate our BUY. We expect orders to decline YOY in 2023, but sales and clean EBIT should grow in 2023–2024 due to the strong order backlog.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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