Report
Denise Molina
EUR 101.80 For Business Accounts Only

Wide-moat Alfa Laval's revenue coming out of trough levels.

Alfa Laval's first-quarter orders grew organically by 9%, which we view positively for the rest of 2017 after a weak sales performance of a 9% decline year over year in the quarter. Under the new reporting structure, three core divisions--energy; marine and diesel; and food and water--contribute almost equally to group revenue. Of these, food and water was the bright spot and one that we think will contribute greater longer-term order stability than the more cyclically sensitive energy and marin...
Underlying
Alfa Laval AB

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Denise Molina

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