DnB Markets - Kalmar (KALMAR) Kalmar (Buy, TP: EUR34.00) - Orders in focus

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DnB Markets

Tomi Railo

EUR 90.80 For Business Accounts Only

Kalmar (Buy, TP: EUR34.00) - Orders in focus

We expect focus to be on Q3 orders and clean EBIT. Our orders, sales and clean EBIT forecasts are largely in line with post-Q2 consensus (pre-Q3 not available). We have lowered our 2024–2026e clean EPS by c2% on average and target price to EUR34 (35), but reiterate our BUY.

14/10/2024 1 EN

Underlying

Kalmar

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Provider

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.

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Analysts

Tomi Railo

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Kalmar (Buy, TP: EUR34.00) - Orders in focus

Earnings quality kick continues

Who stands to benefit?

Kalmar (Hold, TP: EUR35.00) - Well handled

Volvo (Sell, TP: SEK280.00) - SELL on margin normalisation

Bonava (Hold, TP: SEK10.00) - Another chance to convince

Deepwater fixture activity set to increase

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