Trelleborg (Buy, TP: SEK316.00) - Muted outlook comment expected
Muted outlook comment expectedWe forecast Q3 sales of SEK8,627m, with -1.2% organic growth YOY, and adj. EBITA of SEK1,469m. We have trimmed our 2023–2024e organic growth and margin, but have raised adj. EBITA in the period, due to recent FX movements. We reiterate our BUY and SEK316 target price ahead of the Q3 results due at 07:45 CET on 26 October.
Trelleborg AB provides engineered polymer solutions. Co. has five business areas: Trelleborg Coated Systems, which supplies solutions for polymer-coated fabrics; Trelleborg Industrial Solutions, which provides polymer-based solutions for industrial antivibration solutions and industrial sealing systems; Trelleborg Offshore & Construction, which supplies polymer-based solutions used in offshore oil and gas and infrastructure construction environments; Trelleborg Sealing Solutions, which supplies polymer-based sealing solutions deployed in general industry, light vehicle and aerospace environments; and Trelleborg Wheel Systems, which supplies tires and wheels for materials handling vehicles.
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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