Epiroc (Buy, TP: SEK105.00) - Ramping-up production
Our investment case is based on best-in-class EBIT stability given its aftermarket business and market-leading position in a niche set to outgrow underlying mining capex and opex. We reiterate our BUY recommendation, but have raised our target price to SEK 105 (98) ahead of the Q2 results due at 12:00 CET on 19 July. We believe Epiroc should generate a 2018–2020e EBIT CAGR of 15%, which leaves us 5–8% above consensus for 2018–2020e.
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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