Epiroc (Buy, TP: SEK235.00) - Patience needed for T&A progress
We are roughly in line with consensus for Q1e, and expect continued solid demand in Mining but a still-challenging environment for the Hydraulic Attachments business, and only small effects starting to show from recent quarters’ cost-cutting initiatives. We view Epiroc as one of the most attractive stories in the sector given strong underlying demand growth along with several beneficial structural trends. We reiterate our BUY, and have raised our target price to SEK235 (225).
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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