Metso Outotec (Buy, TP: EUR7.50) - Attractively valued new combination
We initiate coverage of the newly merged Metso Outotec with a BUY and EUR7.5 target price, which suggests c50% upside potential from the current share price. We forecast strong profit growth for 2020–2022, driven by an improved offering in healthy markets and merger synergies. In our view, Metso Outotec is an attractive combination, with healthy financials and potential dividend returns.
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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