Trelleborg (Hold, TP: SEK230.00) - Solid margins and outlook
Trelleborg’s Q1 report continued to display the company’s improved operating performance and solid cost control, which led to record-high profitability. Adj. EBIT increased by 15% YOY on 5% organic growth. Overall demand improved throughout Q1 and was the strongest by the end of the quarter, indicating continued momentum going into Q2. However, management sounded a bit muted about its ability to meet the current high demand for tires for agricultural machinery. We reiterate our HOLD and SEK230 target price.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.
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