reports
- Tomi Railo
Metso (Buy, TP: EUR13.00) - Small profit miss, but positives too
Q1 profits missed in a seasonally small quarter but also included positives: solid profitability, and strong Aggregates and Service orders. We have cut our 2024–2026e clean EPS by c3% and reiterate our BUY and EUR13 target price. The valuation remains attractive, in our view.
- Tomi Railo
- Tomi Railo
- Tomi Railo
- Tomi Railo
- Tomi Railo
Cargotec (Buy, TP: EUR77.00) - Focus on spring news
We reiterate our BUY and EUR77 target price, with c20% upside potential, ahead of the Q1 results (due at 08:00 CET on 30 April, followed by a briefing at 09:00 CET), where we will focus on orders and profitability. We also maintain our positive case (see our “Handling it successfully” report from 21 March) prior to the Kalmar prospectus, financial targets and CMD in May.
- Tomi Railo
- Tomi Railo
Metso (Buy, TP: EUR13.00) - Possible optimism in the air
We have raised our 2024–2026e clean EPS by c2% on average ahead of Q1 results, where we will focus on orders, profitability and the outlook. We reiterate our BUY, and have raised our target price to EUR13 (12.5), continuing to view Metso’s end-market exposure, profit expansion potential and valuation as attractive.
- Tomi Railo
Valmet (Buy, TP: EUR30.00) - Soft legacy, inorganic support
We have raised our 2024–2026e clean EPS by c1% on average, following our reduced underlying assumptions but including recently completed M&A. We reiterate our BUY and EUR30 target price. For the Q1 report, we will focus on orders, profitability and the market outlook.
- Tomi Railo
Konecranes (Buy, TP: EUR55.00) - Slightly cautious ahead of Q1 report
For the Q1 results, our focus is on orders, profitability and the market outlook, as we are slightly cautious due to tough comparables, a more optimistic consensus and the recently strong share price. However, we continue to like the overall case, and have increased our 2024–2026e clean EPS by c3% on average. We reiterate our BUY and have raised our target price to EUR55 (50).
- Tomi Railo
Kemira (Buy, TP: EUR21.00) - Likely unchanged 2024 guidance
With limited estimate changes ahead of the Q1 results, we continue to have a positive stance on Kemira, reiterating our BUY and EUR21 target price. We do not expect effects from the political strikes in Finland to prompt changes to the 2024 sales and clean EBITDA guidance. Our focus has shifted to the new CEO’s potential strategy actions into the summer or autumn.
- Tomi Railo
Kone (Hold, TP: EUR46.00) - Our view remains neutral
In the Q1 results, we focus on orders, earnings, and outlook. We expect orders to rise slightly YOY due to Kone’s attempted above-market growth in China. Overall, while we expect Service and Modernisation to continue to perform well, we see persisting uncertainty in property and elevator markets in China, limiting our view of the case. We reiterate our HOLD and EUR46 target price.
- Tomi Railo
Cargotec (Buy, TP: EUR77.00) - Handling it successfully
We believe the Kalmar prospectus, financial targets, and CMD in the spring will contain positive news, further driving the stock. We expect a display of solid growth and profitability expansion and financial performance prospects. We have raised our 2024–2026e clean EPS by 7% on average (sales mix), our target price to EUR77 (65) and reiterate our BUY, with 20% upside potential.
- Tomi Railo
FLSmidth (Buy, TP: DKK370.00) - Looking undervalued to us
Following the pre-released Q4 orders, earnings, 2024 outlook and guidance, Services orders and 2023 DPS proposal were below our estimate, but the cash flow was good. We have raised our target price to DKK370 (270), driven by our new SOTP valuation approach. With an attractive valuation and upside potential, we have upgraded to BUY (HOLD).
- Tomi Railo
Metso (Buy, TP: EUR12.50) - Regaining traction
Q4 order and earnings beats were supported by Services, while a solid proposed DPS and raised Aggregates outlook offered relief, in our view. Although our 2024–2025e clean EBITA are unchanged, we have raised our target price to EUR12.5 (11.5). We reiterate our BUY.
- Tomi Railo
- Tomi Railo
Valmet (Buy, TP: EUR30.00) - Solid Q4, optimism for 2024
We have raised our 2024–2025e clean EBITA by c2% on average, after an in-line Q4 as well as a reiterated outlook and a solid 2024 guidance. Our 3% clean EPS cuts relate to higher than estimated financial costs. We have raised our target price to EUR30 (28) and reiterate our BUY.
- Tomi Railo
Konecranes (Buy, TP: EUR50.00) - On the right track
The solid Q4 orders and earnings and 2024 outlook and guidance support our view that Konecranes continues to move in the right direction. We have raised our 2024–2025e clean EPS by c5% on average and our target price to EUR50 (45), and reiterate our BUY.
- Tomi Railo
- Tomi Railo
Wärtsilä (Buy, TP: EUR17.00) - Sailing on right track
Better than expected Q4 orders and adjusted clean EBIT, improving profitability and financials, and a higher Marine outlook were the key findings supporting continued solid earnings growth prospects and our positive case view. We have raised our 2024–2025e clean EPS by c4% on average and target price to EUR17 (16). We reiterate our BUY.
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