Report
Douglas Lindahl
EUR 92.48 For Business Accounts Only

Trelleborg (Hold, TP: SEK345.00) - Time for a breather

We forecast Q4 sales of SEK8,561m (-1% organic growth YOY) and adj. EBITA of SEK1,440m. We have lowered our 2023–2024e adj. EBITA by c3.5% on average, largely due to recent FX movements, and slightly increased our margin estimates. We have raised our target price to SEK345 (316), owing to expanding peer multiples, and believe Trelleborg is trading close to its fair value (after gaining c38% YTD). With limited upside potential to our new target price and organic growth set to fade, we have downgraded to HOLD (BUY). The Q4 results are due at 07:45 CET on 1 February.
Underlying
Trelleborg AB Class B

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.

Provider
DnB Markets
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.

 

Analysts
Douglas Lindahl

Other Reports on these Companies
Other Reports from DnB Markets

ResearchPool Subscriptions

Get the most out of your insights

Get in touch