reports
- Douglas Lindahl
Trelleborg (Hold, TP: SEK425.00) - Muted end to the year
We estimate Q4 sales of SEK8,628m, organic growth of c-1% YOY and adj. EBITA of SEK1,498m (2% above consensus). We expect a neutral outlook from management going into 2025, and have increased our 2024–2026e adj. EBIT by c2% on average (mainly due to FX). We reiterate our HOLD, but have raised our target price to SEK425 (400) on updated valuation and estimates. Trelleborg’s valuation premium relative to its Swedish Capital Goods peer group has increased recently, in our view leaving limited furth...
- 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.
- 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.
- 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.
Trelleborg AB: 1 director
A director at Trelleborg AB bought 5,000 shares at 363.980SEK and the significance rating of the trade was 77/100. 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 clearly...
- Douglas Lindahl
Trelleborg (Hold, TP: SEK400.00) - Lacklustre demand environment
The Q3 results were somewhat below expectations (adj. EBIT c4% below consensus), although the Medical Solutions business showed margin strength through the Baron Group acquisition. We see an overall weaker demand environment ahead. We have cut our 2024–2026e adj. EBIT by 6% on average, and lowered our target price to SEK400 (430), but reiterate our HOLD.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- 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.
- 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.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- 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.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
- Olof Cederholm
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.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
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
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.
- Douglas Lindahl
Trelleborg (Hold, TP: SEK430.00) - Recognition reflected in valuation
Trelleborg’s more optimistic outlook comment for Q3 was quite expected, but the growth of the Medical business stood out to us. Nevertheless, we have left our adj. EBITA estimates for 2024–2026 essentially unchanged, and reiterate our SEK430 target price and HOLD. We have historically posited for expanding multiples for Trelleborg, while we now see this gap as being nearly filled.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
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
ELUX B ELECTROLUX AB
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
- Douglas Lindahl
Trelleborg (Hold, TP: SEK430.00) - Back in (organic) growth mode soon
We estimate Q2 sales of SEK8,677m, organic growth of c0% YOY, and adj. EBITA of SEK1,620m (3% above consensus). We expect a somewhat raised outlook from management as we enter H2, and we have increased our 2024–2026e adj. EBIT by c1% on average. We reiterate our HOLD, but have raised our target price to SEK430 (395) on updated valuation and estimates.
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