Trelleborg (Hold, TP: SEK425.00) - Muted end to the year
We estimate Q4 sales of SEK8,628m, organic growth of c-1% YOY and adj. EBITA of SEK1,498m (2% above consensus). We expect a neutral outlook from management going into 2025, and have increased our 2024–2026e adj. EBIT by c2% on average (mainly due to FX). We reiterate our HOLD, but have raised our target price to SEK425 (400) on updated valuation and estimates. Trelleborg’s valuation premium relative to its Swedish Capital Goods peer group has increased recently, in our view leaving limited further valuation upside potential.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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