reports
- Tomi Railo
- Tomi Railo
Kone (Hold, TP: EUR55.00) - Limited surprises
Q1 provided few surprises: total orders were a touch better than expected; orders received margins continued to decline; China orders matched our estimates; cash flow was strong; and the 2025 guidance was broadly in line with consensus. Having raised our 2025–2027e clean EPS by c2% on average, we have increased our target price to EUR55 (52) but reiterate our HOLD.
- Tomi Railo
- Tomi Railo
Kemira (Buy, TP: EUR23.00) - Softening in packaging
We have cut our 2025–2027e clean EPS by an average of c4% on a weaker than expected Q1 and our lowered estimates, mainly for Packaging & Hygiene and Fiber. The share price suggests an attractive 2025e EV/EBITDA of c5.5x and c25% upside potential to our lowered target price of EUR23 (25). We reiterate our BUY.
- Tomi Railo
- Tomi Railo
- Tomi Railo
Metso (Buy, TP: EUR11.00) - Relatively good place to be
We reiterate our BUY and EUR11 target price, with only small estimate changes following the Q1 results (which brought stronger orders but softer earnings than we expected). Despite general uncertainties, we continue to view Metso’s end-market exposure, financials and valuation as attractive.
- Tomi Railo
- Tomi Railo
Kalmar (Hold, TP: EUR29.00) - Increased uncertainty
For the Q1 results (due on 29 April, details TBC), we focus on orders and demand comments, which we expect to reflect the heightened market uncertainty. Our Q1e orders and clean EBIT are in line with post-Q4 consensus (pre-Q1 not available). We have cut our 2026–2027e clean EPS by c11% on average and our target price to EUR29 (35). We reiterate our HOLD.
- Tomi Railo
FLSmidth (Buy, TP: DKK330.00) - Increased risks
For the Q1 results (due on 14 May, details TBA), we focus on orders and outlook comments. Our Q1e Mining orders and clean EBITA are below post-Q4 consensus. We have cut our 2026–2027e clean EPS by c13% on average on lower-than-expected order announcements, lowered demand views and FX. We reiterate our BUY, but have cut our target price to DKK330 (430).
- Tomi Railo
Wärtsilä (Buy, TP: EUR20.00) - Setbacks in Energy
Based on recent news flow relating to Energy and FX, we have cut our 2025–2027e clean EPS by 5% on average and our target price to EUR20 (22). We reiterate our BUY and continue to highlight Wärtsilä’s solid earnings quality and attractive valuation. The Q1 results are due on 25 April (no details available). Our forecast orders and clean EBIT are below post-Q4 consensus.
- Tomi Railo
Kemira (Buy, TP: EUR25.00) - Focus on demand comments
Our focus in the Q1 results (due on 25 April, no details yet) will be clean EBITDA and demand comments, which may reflect increased uncertainty. We have cut our 2025–2027e clean EPS by c4% and our target price to EUR25 (27), but reiterate our BUY.
- Tomi Railo
- Tomi Railo
Kone (Hold, TP: EUR52.00) - Focus on orders and outlook
We are neutral ahead of the Q1 results due on 30 April (no details available) – we are in line with post-Q4 consensus on orders and sales, while we are 2% below on clean EBIT. We have cut our 2025–2027e clean EPS by c2% on average, mainly due to FX. We reiterate our HOLD and EUR52 target price.
- Tomi Railo
- Tomi Railo
- Tomi Railo
Hiab (Buy, TP: EUR50.00) - Hungry for growth
Following a structure and name change to Hiab (as of 1 April), we have cut our 2025–2027e clean EPS by c2% and target price to EUR50 (53). We reiterate our BUY. Hiab is now the only remaining part of the old Cargotec, after the Kalmar demerger and the announced MacGregor exit (set to be completed by 1 July). In our view, Hiab’s solid earnings growth prospects and financials are attractively valued.
- Tomi Railo
- Tomi Railo
FLSmidth (Buy, TP: DKK430.00) - Earnings quality boost well on track
We have raised our 2025–2026e clean EBITA by c3% after solid Q4 beats on orders and clean EBITA (our 2025e sales and clean EBITA are a touch above the guidance). We reiterate our BUY and DKK430 target price, and continue to see improving earnings quality and an attractive valuation.
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