Epiroc (Buy, TP: SEK100.00) - Equipment orders are lumpy
Our investment case is based on best-in-class EBIT stability given Epiroc’s aftermarket business, leading position in a niche market set to outgrow underlying mining capex and opex long term, and a solid balance sheet that could be used for M&A. In addition we note that Epiroc’s customer base continues to enjoy strong cash flow generation, which should support their CAPEX and OPEX decisions. Following Q4 results, we have lowered our EBIT forecast by 1% and reiterate our BUY recommendation and SEK100 target price
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.