FLSmidth (Hold, TP: DKK300.00) - All eyes on orders and margins
We expect focus in the Q3 results (due at 07:30 CET on 9 November) to be on orders and the clean EBITA margin. We have lowered our 2023–2025e clean EPS by c2% on average, and our target price to DKK300 (310); however, we reiterate our HOLD.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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