DnB Markets - Kalmar (KALMAR) Kalmar (Buy, TP: EUR35.00) - Expecting stable demand QOQ

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DnB Markets

Tomi Railo

EUR 90.54 For Business Accounts Only

Kalmar (Buy, TP: EUR35.00) - Expecting stable demand QOQ

In the Q2 results due on 8 August (no details available yet), we expect focus to be on orders, any demand comments and clean EBIT. Our Q2e orders, sales and clean EBIT are slightly above consensus. We maintain our positive stance, reiterating our BUY and EUR35 target price on our unchanged 2024–2026e clean EPS.

10/07/2024 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) - Expecting stable demand QOQ

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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