Epiroc (Hold, TP: SEK205.00) - CMD and Q3 expectations
We expect Eprioc’s upcoming CMD to be mostly educational, but believe it will try to convince investors it has addressed the past year’s margin issues. A potential trigger could be if or when it reports margin improvements, but we have low conviction of this happening in Q3 (we are 1% below consensus on adj. EBIT, with the margin down 170bp YOY). We reiterate our HOLD but have cut our target price to SEK205 (225), having reduced our 2024–2026e adj. EBIT by 6% on average.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.