Epiroc (Buy, TP: SEK185.00) - Rock steady
We still like the structural trends in mining and believe that Epiroc’s solid order backlog should support earnings growth in the medium term despite the challenging macro environment. We are broadly in line with consensus for Q3, and have raised our 2023–2024e adj. EBIT by c6% (negative organic revisions offset by FX and M&A). We reiterate our BUY and SEK185 target price.
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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