Valmet (Buy, TP: EUR35.00) - Orders and earnings raise forecasts
We have raised our 2025–2026e clean EPS by c4% on average mainly due to the recent EUR1bn+ mega pulp order set to be booked in Q4. We expect Q3 orders and clean EBITA to grow YOY. Our orders are c4% below post-Q2 consensus, but clean EBITA is c5% above. We have raised our target price to EUR35 (33) and reiterate our BUY.Co. is a holding company. Through its subsidiaries, Co. is a supplier of paper and board machines, and process automation systems. Co.'s operations are divided into five segments: paper and board machinery, which makes paper, board and finishing machines; converting equipment, which supplies machinery for the packaging and printing industries; automation, which makes applications and solutions used for the measurement, control and information management of industrial processes; power transmission, which makes industrial gears and hydraulic motors, and automotive, which specializes in the production of cars.
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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