FLSmidth (Buy, TP: DKK410.00) - Mining recovery confirmed
FLSmidth’s Q4 EBITA was strong, beating consensus by 16%. However, our focus is still on mining orders, where FLSmidth beat consensus by 20% and our forecast by 13%. The order beat combined with FLSmidth’s and peer Outotec’s comments of seeing first signs of improved greenfield activity supports our bullish view on the mining recovery. We have not made substantial estimate changes, and keep our BUY recommendation and DKK410 target price intact.FLSmidth & Co. is a supplier of equipment and services to the global cement and minerals industries with a local presence in 50 countries including project and technology centers in Denmark, India, USA and Germany. Co. supplies everything from single machinery to complete cement plants and minerals processing solutions including services before, during and after the construction. Co.'s in-house resources are primarily engineers who develop, plan, design, install and service equipment, with most of the manufacturing being outsourced to subcontractors.
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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