DnB Markets - Kalmar (KALMAR) Kalmar (Buy, TP: EUR35.00) - Attractively valued quality case

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DnB Markets

Tomi Railo

EUR 90.54 For Business Accounts Only

Kalmar (Buy, TP: EUR35.00) - Attractively valued quality case

Following stronger-than-expected Q3 orders and earnings and higher 2024 guidance, we have increased our 2024–2026e clean EBIT by c3% on average and our target price to EUR35 (34). We reiterate our BUY. Kalmar’s solid earnings quality and financials remain attractively valued, in our view.

01/11/2024 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: EUR35.00) - Attractively valued quality case

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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