Metso (Buy, TP: EUR36.00) - Good momentum set to continue
Our focus in the Q1 results (due at 9.30 EET on 25 April) will be on orders, profit quality and the outlook. Despite Q1 being a relatively small quarter seasonally, we believe the report should demonstrate a still-positive market and profit momentum. Our Q1 group order and clean EBITA estimates are close to consensus, although we use some caution on a divisional basis, with material differences likely down to consensus not being fully updated. We reiterate our BUY and EUR36 target price.Metso is a global services, products and systems provider. Co. serves its customers in mining, oil and gas as well as aggregates industries. Co. serves also some other process industries, such as pulp and paper industry. Co.'s offerings to the mining industry include grinding mills, mill linings and grinding media; as well as crushers and screens. Co.'s offerings to the aggregates industry include crushers; as well as screens, feeders and conveyors. Co.'s offerings to the oil and gas industry include control valves, on-off valves; intelligent safety valves; intelligent valve controllers and limit switches; intelligent field services; spare and wear parts; as well as performance services.
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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