Epiroc (Buy, TP: SEK185.00) - Estimates lowered
We still like the structural trends in mining but have cut our adj. EBIT by 10% for 2023–2024e to better reflect the weaker macro environment and falling mineral prices. Our new SEK185 (230) target price assumes a value in line with its historical NTM EV/EBIT of c17x and we still find risk/reward attractive with adj. EBIT growing by nearly 40% until 2024e. We reiterate our BUY.
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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