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

Report

DnB Markets

Tomi Railo

EUR 90.54 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

See profile

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.

See profile

Analysts

Tomi Railo

Other Reports on these Companies

DnB Markets

Earnings quality kick continues

Finnish Industrials (, ) - Earnings quality kick continues (32 pages)

Free Trial

March 17, 2025 March 17, 2025 1 EN

DnB Markets

Who stands to benefit?

A potential peace deal between Russia and Ukraine could unlock one of the largest reconstruction efforts in modern history. The World Bank estimates Ukraine will need USD486bn in rebuilding efforts over the next decade, but we estimate this would add only c2% to annual European construction spending. While the direct earnings effect may be modest, we expect the “rebuild Ukraine theme” to drive investor sentiment. We see Volvo, Epiroc, Hexagon, Metso, Hiab and ABB as some of the primary beneficiaries across multiple phases of a reconstruction, with several more also poised to benefit.

Free Trial

February 17, 2025 February 17, 2025 1 EN

DnB Markets

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

We have downgraded to HOLD (BUY). With unchanged estimates, we reiterate our EUR35 target price, which suggests limited upside potential.

Free Trial

February 14, 2025 February 14, 2025 1 EN

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

We have downgraded to SELL (HOLD) and cut our target price to SEK280 (305), based on a 2025e P/E of 12x (in line with the 10-year average). We expect adj. EPS to fall by 13% in 2025e, and have lowered our 2025–2026e adj. EBIT by 4–5%, now c16% below consensus, which we believe fails to reflect the ongoing price/mix normalisation. For Q1e, we are 7% below consensus on adj. EBIT (but roughly in line on orders and deliveries), and believe Volvo will lower its 2025 truck market guidance for North America.

Free Trial

6h / 47m 6h / 47m 1 EN

Simen Mortensen

Simen Mortensen

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

Bonava is due to provide an update on its business plan and strategy at its CMD in Stockholm (27 March). So far, it has not met the financial or operational targets presented at its last CMD, and we note its history of changing its targets; we believe it will be down to results to convince. With our expectation of negative EPS for 2025–2026, and a potential recovery in 2027, we continue to find a better risk/reward elsewhere in the sector. We reiterate our HOLD and SEK10 target price.

Free Trial

8h / 28m 8h / 28m 1 EN

Martin Huseby Karlsen

Martin Huseby Karlsen

Deepwater fixture activity set to increase

After a slow start to the year for deepwater awards, we see long- and short-term jobs nearing rig selection. On the positive side, we believe the capital markets will appreciate increasing fixture activity and oil companies committing to long-term development jobs, supporting cycle duration. From a dayrate perspective, we see the bifurcation thesis unfolding, as some contractors are more focused on prioritising utilisation, also with counterparty, rig quality and region playing a role. Hence, as some of the upcoming awards are in more competitive markets (West Africa, South America), we expect...

Free Trial

11h / 27m 11h / 27m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe