Epiroc (Buy, TP: SEK140.00) - Mining equipment: the place to be
We reiterate our BUY and have raised our target price to SEK140 (130). With equipment orders down 40% even before Covid-19 and high mineral prices putting the fundamentals in place for miners to maintain high opex, we expect Epiroc to be one of the first Nordic Capital Goods companies to return to pre-Covid-19 demand levels. Also, the balance sheet is solid and we see acquisitions as potential share price triggers.
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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