DnB Markets - Mycronic AB (MYCR) Mycronic - Initiation of coverage - Hardware is still eating the world

Report

DnB Markets

Joachim Gunell

EUR 456.34 For Business Accounts Only

Mycronic - Initiation of coverage - Hardware is still eating the world

We believe Mycronic offers: 1) durable secular demand from advanced electronics, semiconductors, AI and re-shoring; 2) deep competitive moats from strategic cutting-edge technology; 3) a large share of defensive aftermarket sales; 4) a strong balance sheet and proven M&A track record; and 5) Atlas Copco-moulded management and an ownership base on which to piggyback. In our view, 2025e is de-risked but set to be an investment year with lacklustre EPS growth. We initiate coverage with a BUY and SEK525 target price, with an above-consensus view on 2026–2027e.

18/03/2025 1 EN

Underlying

Mycronic AB

Micronic AB provides production solutions for manufacturing electronics products. Co. has two business areas. Surface Mount Technology provides production equipment and solutions for mounting components on circuit boards, an indispensable part in electronics products. Co. provides surface mount machines, software, automated storage solutions and peripheral equipment that handle all types of components and circuit boards. Pattern Generators provides production equipment and solutions for manufacturing of electronics products. Co. provides two types of pattern generators: mask writers for the manufacturing of photomasks and direct writers for the manufacturing of substrates.

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SE0000375115 Nasdaq Nordic Stockholm Sweden

Provider

DnB Markets

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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Analysts

Joachim Gunell

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Mycronic - Initiation of coverage - Hardware is still eating the world

Vermilion Int'l Compass: Global Equity Strategy

Mycronic AB: 1 director

Vitrolife (Buy, TP: SEK255.00) - Growth and margins in focus

Valuation update

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