Metso Outotec (Buy, TP: EUR7.50) - Q2 beat from right sources
Following a pre-release stronger than our estimates and consensus, the full Q2 report showed positive surprises in Minerals’ orders, Minerals and Processing’s clean EBITA and Service sales, and higher cost synergies and faster implementation schedule. We have raised our illustrative 2020–2022e clean EBITA by c10% on average. We reiterate our BUY and EUR7.5 target price.
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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