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

Report

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

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

Mycronic - Initiation of coverage - Hardware is still eating the world

We believe Mycronic offers: 1) durable secular demand from advanced electronics, semiconductors, AI and re-shoring; 2) deep competitive moats from strategic cutting-edge technology; 3) a large share of defensive aftermarket sales; 4) a strong balance sheet and proven M&A track record; and 5) Atlas Copco-moulded management and an ownership base on which to piggyback. In our view, 2025e is de-risked but set to be an investment year with lacklustre EPS growth. We initiate coverage with a BUY and SEK525 target price, with an above-consensus view on 2026–2027e.

Free Trial

23h / 48m 23h / 48m 1 EN

Patrik Ling

Patrik Ling

Vitrolife (Buy, TP: SEK255.00) - Growth and margins in focus

We expect market focus on growth (especially within Genomics) and margins. Vitrolife indicated an increase in the sales organisation, and we believe there could be costs associated with the class action suits related to PGT-A in the US. There is a risk the PGT-A turbulence could result in a slow recovery in Genomics growth, although the company said there has been no visible impact on PGT-A demand so far. We reiterate our BUY, but have cut our target price to SEK255 (265).

Free Trial

March 18, 2025 March 18, 2025 1 EN

Steffen Evjen

Steffen Evjen

Valuation update

In this note, we show updated valuation statistics for the E&P sector.

Free Trial

March 18, 2025 March 18, 2025 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: EUR35.00) - Eyes on orders and 2025 guidance

Earnings quality kick continues

Who stands to benefit?

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

Mycronic - Initiation of coverage - Hardware is still eating the world

Vitrolife (Buy, TP: SEK255.00) - Growth and margins in focus

Valuation update

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