Sluggish Order Rates and Plummeting Profitability for Metso as Service Business Deteriorates in Q3
We're leaving our EUR 20 fair value estimate and no-moat rating for Metso unchanged following the release of the firm's third-quarter results, and we believe the shares are currently overvalued. Metso reported weak results, with sales down 6% year over year as sales in Flow Control declined 10%, as a result of weakness in the oil and gas sector hampering customers' capital expenditure projects. Metso's profit plummeted 17% over the same period, with profit margins down 120 basis points, which we...
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