Epiroc (Hold, TP: SEK210.00) - Continued strong momentum
We believe mining industry demand remained solid in Q1 and we are 2–5% above consensus on key metrics (orders, sales and adj. EBIT) for the quarter. We have only fine-tuned our estimates, resulting in broadly unchanged 2023–2025e adj. EBIT, but remain 1–4% below consensus. We still like Epiroc’s structural long-term growth story but consider the valuation fair at a 2023e EV/EBIT of 17.7x. We reiterate our HOLD but have lowered our target price to SEK210 (220).
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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