Epiroc (Buy, TP: SEK245.00) - Drilling down into attachments
We see synergies from recent acquisitions and cost-cutting measures laying the foundations for a recovery in cyclically depressed attachments earnings, and gradual improvements from Q2e providing a share-price catalyst given tangible investor concerns about the margin issues. We have tweaked our 2024–2026e group adj. EBIT, leaving us c4% above consensus for 2025e, when expect earnings growth to accelerate back to double digits. We reiterate our BUY and have raised our target price to SEK245 (230).
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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