Epiroc (Buy, TP: SEK220.00) - Mining is still the place to be
Although cost inflation has intensified and sales to Russia (c6% of total) have ceased following the invasion of Ukraine, we still believe the underlying structural trends that make Epiroc an attractive investment are intact. For Q1, we are 1% above consensus on orders, in line on sales and 3% below on adj. EBIT. We reiterate our BUY but have reduced our target price to SEK220 (235) after cutting our 2022e adj. EBIT by 6%.
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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