Report
Olof Larshammar
EUR 463.07 For Business Accounts Only

Epiroc (Buy, TP: SEK130.00) - Well placed for 2020

We reiterate our BUY recommendation and have raised our target price to SEK130 (113). Equipment order intake looks set to trough in 2020, which we believe should lift valuation multiples as the equity market should then put more focus on Epiroc’s best-in-class EBIT stability, leading position in a niche market that is set to outgrow underlying mining capex and opex long-term, and a rock-solid balance sheet.
Underlying
Epiroc AB Class B

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Olof Larshammar

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