Konecranes Minor model adjustments
We have updated our estimates, owing to lower than expected pre-announced orders for Q2. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our EUR44 target price. Estimate changes. We have lowered our 2019–2021e clean EPS by an average 2%. The changes relate to the Port Solutions and Industrial Equipment divisions. Q2 results due at 9:00 EET on 25 July. Our Q2 clean EBITA estimate of EUR69m is 4% below consensus (Vara) of EUR72m, while our order intake estimate of EUR756m is 8% below consensus of EUR821m. Konecranes has guided for 5–7% sales growth and a clean EBITA margin improvement YOY for 2019. Konecranes has stated that despite weakening economic signals, its industrial and port customer demand environment is stable. An investor call will be held at 11:00 EET on 25 July on +44 (0)33 0336 9104 (code: 577910).Konecranes reports two business areas, Service and Equipment, as its primary business segments. Co.'s Service business area provides maintenance and modernization services for all types and brands of industrial cranes, lifting equipment, and machine tools. Co.'s service offering covers inspections, preventive maintenance programs, repairs and improvements, on-call service, spare parts, modernizations, and a range of consultation services. Co.'s Equipment business area provides components, cranes, and material handling solutions for a range of customers. As its secondary segments, Co. reports three geographical areas: Europe, Middle East and Africa; Americas; and Asia-Pacific.
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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