Metso Outotec (Buy, TP: EUR12.50) - Demand and profitability in focus
In Metso Outotec’s Q1 report (due at 08:00 CET on 3 May, followed by a results briefing at 11:30 CET), we will focus on orders, the demand outlook, and clean EBITA margins. We expect the proposed name change to ‘Metso’ and DPS of EUR0.30 to be approved at the AGM on the same day. We still see many positives (as discussed in our 4 April report ‘Further to go’), and reiterate our BUY and EUR12.5 target price.Outotec is a global provider of process solutions, technologies and services for the mining and metallurgical industries organized in four divisions. The Minerals Processing division provides concentrator plants, process solutions and services for ore concentration, the minerals and fertilizer industry, energy sector and water treatment. The Base Metals division provides metallurgical processing technology for copper, nickel, zinc, precious metals and ferroalloys. The Metals Processing division develops and supplies technologies and services for the production of iron, alumina, aluminum and synthetic rutile. Larox develops and delivers industrial filters for separating solids from liquids.
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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