Neles (Hold, TP: EUR12.50) - Focus on orders and outlook
We expect the focus in the Q4 report to be on orders and the outlook. We forecast 20% order intake growth YOY for Q4 and 18% for 2022. We have raised our 2021–2023e orders, sales and clean EPS by c4% on average. We reiterate our HOLD and EUR12.5 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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