FLSmidth (Buy, TP: DKK450.00) - Mining growth just starting
We have upgraded FLSmidth to BUY (HOLD) with an unchanged DKK450 target price. Strong Q2 order intake from FLS and its peers has confirmed that mining equipment demand is accelerating. We do not expect the recent sell-off in metals to have an effect on large investment decisions, and expect brownfield expansions and greenfield investments to pick up in the next 12 months. We believe FLS is well positioned to benefit as end-to-end technology provider.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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