Trelleborg (Hold, TP: SEK200.00) - Gradually improving
Trelleborg’s Q4 report continued to display an improved operating performance. Adj. EBIT increased 10% YOY despite -3% organic growth. We expect solid EBIT growth in 2021–2023, with the adj. EBIT margin reaching 15% in 2022 versus 13% in 2020. Management reiterated its goal of structural streamlining in 2021, and we continue to see this as a potential near-term share price catalyst. We reiterate our HOLD but have raised our target price to SEK200 (190).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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