Increasing Atlas Copco's FVE for U.S. Tax Reform
After rolling our model for the new fiscal year and incorporating the effects of U.S. tax reform, we are increasing our fair value estimates for narrow-moat Atlas Copco to SEK 272 for the local shares and USD 33 for the ADRs from SEK 250 and USD 31, respectively, but the shares still overvalued. Roughly 40% of our increase is from the effects of U.S. tax reform, and the remainder from the time value of money and slight changes to our forecasts.Atlas Copco expects to spin off its mining and rock...
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