Metso’s Return to Growth Not Expected Before 2018, Despite Minerals Services Order Growth in Q4
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,...Metso is a global services, products and systems provider. Co. serves its customers in mining, oil and gas as well as aggregates industries. Co. serves also some other process industries, such as pulp and paper industry. Co.'s offerings to the mining industry include grinding mills, mill linings and grinding media; as well as crushers and screens. Co.'s offerings to the aggregates industry include crushers; as well as screens, feeders and conveyors. Co.'s offerings to the oil and gas industry include control valves, on-off valves; intelligent safety valves; intelligent valve controllers and limit switches; intelligent field services; spare and wear parts; as well as performance services.
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