DnB Markets - Kalmar (KALMAR) Kalmar (Buy, TP: EUR35.00) - Eyes on orders and 2025 guidance

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DnB Markets

Tomi Railo

EUR 90.54 For Business Accounts Only

Kalmar (Buy, TP: EUR35.00) - Eyes on orders and 2025 guidance

We expect focus to be on Q4 orders and clean EBIT, and our orders, sales and clean EBIT forecasts are close to post-Q3 consensus (pre-Q4 not available). We reiterate our BUY

19/01/2025 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) - Eyes on orders and 2025 guidance

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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