Prospects of new margin targets
We have upgraded Konecranes to BUY (HOLD) with a target price of EUR46 (39) following a change of analyst. We expect management to announce an ambitious long-term 12% EBITA margin target well before December’s CMD, possibly with the Q3 results (due at 09:00 EEST on 25 October; we are 3% above consensus on adj. EBITA). We expect the CMD agenda to focus on the services business, and see it as an opportunity for management to update on progress on the MHPS integration and the EUR140m synergy target.
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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