Epiroc (Hold, TP: SEK215.00) - Holding up on Mining strength
We reiterate our HOLD and have raised our target price to SEK215 (210) after increasing our adj. EBIT by 1–2% for 2023–2024e following Epiroc’s Q1 results. We like the company’s structural long-term growth story, and believe continued strength in Mining should offset weakness in construction, but consider the valuation fair at a 2023e EV/EBIT of c19x.
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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