reports
- Mattias Holmberg
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%.
FLSmidth to deliver 18 of the world’s largest steel media tower mills,...
FLSmidth to deliver 18 of the world’s largest steel media tower mills, plus pumps and cyclones to one of largest and most efficient iron ore plants PRESS RELEASE 25 February 2025, Copenhagen, Denmark Following a long-standing relationship, an Indian mining customer has awarded FLSmidth with the largest single order for the world’s largest size steel media tower mills. The mills are to be delivered at what is set to become one of the largest and most efficient iron ore beneficiation plants globally, reinforcing FLSmidth’s global leadership in energy-efficient grinding technology. The...
- ABGSC Capital Goods Research
- Peter Sehested
- 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.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
FLSmidth to significantly expand its global service centre network in ...
FLSmidth to significantly expand its global service centre network in 2025, further strengthening its service offerings and customer proximity PRESS RELEASE 19 February 2025, Copenhagen, Denmark In 2025, leading mining technology and service supplier FLSmidth will open or expand seven service centres in strategic locations across the globe. These facilities are in direct support of FLSmidth’s CORE’26 mining strategy that includes targeting service growth, and adds to the company’s already comprehensive global network of service centres that can enhance mining customers’ productivity. Ne...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
FLSmidth welcomes two new executives to lead its Mining Products and S...
FLSmidth welcomes two new executives to lead its Mining Products and Service business lines PRESS RELEASE 18 February 2025, Copenhagen, Denmark Leading mining technology and service supplier FLSmidth announces the appointment of two new leaders to Group Executive Management. Julian Soles will join FLSmidth on 1 May 2025 as President, Mining Products Business Line and Toni Laaksonen will join the company in the coming months as President, Mining Service Business Line. Toni Laaksonen joins FLSmidth from Glaston Corporation, a technology, solutions and service provider for the glass pr...
- Mattias Holmberg
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...
UPM UPM-KYMMENE OYJ
VOLV B VOLVO AB CLASS B
SSAB A SSAB AB CLASS A
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
ELUX B ELECTROLUX AB CLASS B
SAND SANDVIK AB
STERV STORA ENSO OYJ CLASS R
FLS FLSMIDTH & CO. A/S
KEMIRA KEMIRA OYJ
ROCK B ROCKWOOL INTERNATIONAL A/S CLASS B
METSB METSA BOARD OYJ CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
BILL BILLERUDKORSNAS AB
KCR KONECRANES OYJ
LIAB LINDAB INTERNATIONAL AB
ALIG ALIMAK GROUP AB
ALFA ALFA LAVAL AB
ATCO A ATLAS COPCO AB CLASS A
VWS VESTAS WIND SYSTEMS
HEXA B HEXAGON AB
SYSR SYSTEMAIR AB
EPI A EPIROC AB
BEIJ B BEIJER REF AB
NIBE B NIBE INDUSTRIER AB
KALMAR KALMAR
- Ahmed Ben Salem
- Marc Lavaud
- Thomas Zlowodzki
- Youssef Besbes
HEIA HEINEKEN NV
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
DB1 DEUTSCHE BOERSE AG
ORA ORANGE SA
GFC GECINA SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
MONC MONCLER SPA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
FER FERROVIAL SA
UN0 UNIPER SE
- Ahmed Ben Salem
- Marc Lavaud
- Thomas Zlowodzki
- Youssef Besbes
HEIA HEINEKEN NV
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
DB1 DEUTSCHE BOERSE AG
ORA ORANGE SA
GFC GECINA SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
MONC MONCLER SPA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
FER FERROVIAL SA
UN0 UNIPER SE
- Delphine Brault
- Quentin Borie
- Delphine Brault
- Quentin Borie
- Tomi Railo
Sandvik AB: 1 director
A director at Sandvik AB bought 1,000,000 shares at 232.024SEK and the significance rating of the trade was 67/100. 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 years clearl...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Baptiste Lebacq
- Markus Remis
- Thomas Zlowodzki
LRC LEGRAND
IPN IPSEN SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
LI KLEPIERRE SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
RXL REXEL SA
SZG SALZGITTER AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
NDA AURUBIS AG
ARCAD ARCADIS NV
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
TIT TELECOM ITALIA S.P.A.
STR STRABAG SE
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
- Baptiste Lebacq
- Markus Remis
- Thomas Zlowodzki
LRC LEGRAND
IPN IPSEN SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
LI KLEPIERRE SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
RXL REXEL SA
SZG SALZGITTER AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
NDA AURUBIS AG
ARCAD ARCADIS NV
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
TIT TELECOM ITALIA S.P.A.
STR STRABAG SE
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
- Delphine Brault
- Quentin Borie
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.