Epiroc (Buy, TP: SEK130.00) - Internal and external drivers
We reiterate our BUY, but have raised our target price to SEK130 (116). We believe investors will likely assign higher valuation multiples as we expect equipment orders to trough in Q2 and underlying demand still appears solid at spot metal prices. We like Epiroc’s best-in-class EBIT stability, leading position in a niche market set to outgrow underlying mining capex and opex long-term, and its strong balance sheet.
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.