Metso Returns to Growth in 1Q 2017 as Valve and Pumps Services Recover Strongly; Shares Overvalued
After updating our sales and profit estimates following no-moat Metso’s good first-quarter update and adjusting for the time value of money, we are increasing our fair value estimate to EUR 24 from EUR 21 per share. Metso returned to growth in the quarter as sales increased 8% on a reported basis and 4% on a comparable basis, largely due to increased flow control service activity (up 10% year on year) in its main markets: oil and gas, and pulp and paper. Although we still see some headwinds for ...
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