Epiroc (Hold, TP: SEK230.00) - Solid demand
We are broadly in line with consensus for Q4e but see slight (c30–40bp) downside to the consensus adj. EBIT margin for 2022–2023e. High mineral prices and structural trends should continue to support a strong demand environment, which is well reflected in the 24x EV/EBIT for 2022e. We reiterate our HOLD, but have raised our target price to SEK230 (215).
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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