Epiroc (Buy, TP: SEK185.00) - Russia out of the backlog
Although Q3 orders were below our forecast and consensus, they still rose 5% YOY organically, excluding Russia, and all orders in the country have now been removed from the backlog. We have trimmed our adj. EBIT by 0–2% for 2022–2024e but reiterate our BUY and SEK185 target price as we still like the structural trends in mining and believe Epiroc’s solid order backlog should support earnings growth in the medium term despite the overall challenging macro environment and a weaker construction market.
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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