We are initiating coverage on Atlas Copco with a narrow moat rating; the stock is fairly valued.
We think Atlas Copco's shares are currently overvalued, with volume weakness in construction and mining equipment stunting chances for revenue growth. We are likely to lower our forecasts to reflect a disappointing first half of 2016, with volume in mining and construction down 6%-7% year over year. Group revenue was down 4% in the first half, and the company is unlikely to meet our full-year forecast for flat revenue year over year. However, we don't anticipate reducing our fair value estimate....
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