Doosan Skoda Power : Full steam ahead
We initiate coverage of Doosan Skoda Power (DSP), an established manufacturer of high-efficiency steam turbines, with an Outperform rating and a target price of CZK 430 (>25% upside). DSP aims to capitalize on the attractive growth prospects of the turbomachinery market, driven by the ongoing transition to cleaner energy. The company is well positioned to benefit from a strong push towards nuclear energy, particularly in Europe and has been announced as the pre-selected supplier of steam turbine generators for two nuclear projects in the Czech Republic, which could almost double DSP's revenues and profits between 2024 and 2028e. DSP has an attractive dividend policy and is committed to paying out at least 70% of net profit.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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