Enea AB: 3 directors

Three Directors at Enea AB bought 22,500 shares at between 65.800SEK and 65.850SEK. The significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last...

Buyback story remains intact

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.

Orders, margin, cash compensate delivery gap

Better org. growth, but weaker margins

Q1 delivery shortfall but not fundamentally worrying

Heads-up for report 24 April

The Capital Goods Data Miner - April 2025

Q1 was OK but that's ancient history now

Did the volatility already affect large orders?

Metso (Buy, TP: EUR11.00) - Slow large mining capital decisions

Metso (METSO FH, Buy) - Slow large mining capital decisions (19 pages)

Germany: Investing its way back to growth

Earnings quality kick continues

Finnish Industrials (, ) - Earnings quality kick continues (32 pages)

The Capital Goods Data Miner - March 2025 (republished)

Ambea (Buy, TP: SEK130.00) - Acquiring Validia Oy

Ambea’s acquisition of Validia Oy, entering the Finnish social care market, makes good sense to us. A post-integration valuation of c7.5x EV/EBITA and tacit ROIC of c13% suggest a solid deal, and consolidating Validia Oy implies 4–5% increases to our 2025–2027e adj. EPS. We see a strong case, with robust demand, solid FCF and financials giving room for share buybacks/dividends and further possible acquisitions. We reiterate our BUY and have raised our target price to SEK130 (123).

The hard rock bustle

Our review of 12 major miners’ guidance suggests 6% YOY capex growth in 2025, with growth project capex up 23%. Copper remains a key investment priority, accounting for c35% of miners’ capex, driven by global megatrends and supply constraints. This is particularly supportive for our BUY names: Metso (32% copper exposure), Epiroc (28%), and FLSmidth (21%), while Sandvik (HOLD) also stands to benefit, although its large metal-cutting tools business reduces its direct copper exposure to 12%.

Capital Goods: Cross-pandemic scorecards

Wihlborgs Fastigheter AB: 1 director

A director at Wihlborgs Fastigheter AB bought 21,500 shares at 106.620SEK and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...

The Capital Goods Data Miner - February 2025

Who stands to benefit?

A potential peace deal between Russia and Ukraine could unlock one of the largest reconstruction efforts in modern history. The World Bank estimates Ukraine will need USD486bn in rebuilding efforts over the next decade, but we estimate this would add only c2% to annual European construction spending. While the direct earnings effect may be modest, we expect the “rebuild Ukraine theme” to drive investor sentiment. We see Volvo, Epiroc, Hexagon, Metso, Hiab and ABB as some of the primary beneficia...