Kalmar (Hold, TP: EUR29.00) - Increased uncertainty
For the Q1 results (due on 29 April, details TBC), we focus on orders and demand comments, which we expect to reflect the heightened market uncertainty. Our Q1e orders and clean EBIT are in line with post-Q4 consensus (pre-Q1 not available). We have cut our 2026–2027e clean EPS by c11% on average and our target price to EUR29 (35). We reiterate our HOLD.
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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