Alfa Laval Reports a Surprising Drop in 2Q Marine Orders; Shares Fairly Valued
Wide-moat Alfa Laval surprised us and the market with a severe drop in orders for its marine division, the company's largest division and the one that has been bolstering the group's double-digit revenue growth for the last couple of years. Shares look fairly valued, as we are maintaining our forecasts and SEK 185 fair value estimate. While the negative order flow would likely filter down to our revenue forecasts for next year, we believe it is too soon to lower our forecasts. The weakness has o...Alfa-Laval AB is a supplier of products and solutions in the technologies of heat transfer, separation and fluid handling. Co.'s equipment is used to heat, cool, separate and transport products in industries that produce food, beverages, fuel, chemicals, pharmaceuticals, starch, sugar and ethanol. They are also used aboard vessels, in power plants, in the engineering industry, for treating sludge and wastewater, for heating and cooling, and others. Co.'s products include: air heat exchangers, plate heat exchangers, shell-and-tube heat exchangers, thermal fluid systems, boilers, decanters, belt filter presses, high-speed separators, membrane filtration, pumps and valves, and tank equipment.
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