Metso returns to growth in first-quarter 2017 as valve and pumps services recover strongly.
After updating our sales and profit estimates for Metso and adjusting for the time value of money, we are increasing our fair value estimate to EUR 21 from EUR 20 per share and believe the shares are overvalued. Our no-moat rating is intact. Metso reported weak results for 2016, with sales down 12% on the year-ago period, as flow control sales declined 14% due to weakness in the oil and gas sector hampering customers' capital expenditure projects. Results were roughly in line with our estimates,...
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