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ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
04/23/24 April 23, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
04/23/24 April 23, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
SAND-SE SANDVIK

Still promising, but riskier after Q1 air pocket

Surprising drop in equipment deliveries; adj. EBITA -11% vs ABGSC. Should be timing, but risk of course higher; adj. EBITA'24e -3%. HOLD and TP SEK 245 (250) but H2 recovery closer.

04/22/24 April 22, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
04/22/24 April 22, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
04/22/24 April 22, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
04/22/24 April 22, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
04/19/24 April 19, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
04/19/24 April 19, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
04/19/24 April 19, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
04/18/24 April 18, 2024 1 EN
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Olof Cederholm
PREMIUM
VOLV.B-SE VOLVO

Pricing holding up, supports margins

Q1'24 adj. EBIT 1% and 7% above ABGSCe and consensus. Good pricing, expect flat pricing from here, supports margins. We raise '24e-'26e adj. EBIT by 2-3%, reiterate BUY and SEK 360 TP.

04/18/24 April 18, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
ABB ABB LTD.
NIBE.B-SE NIBE ... (+17)

The Capital Goods Data Miner - April 2024

Our key long ideas are: Alfa Laval, Assa Abloy, Hexagon, Metso, Volvo. We are cautious on: Autoliv, Nibe, Wärtsilä

ABB ABB LTD.
NIBE.B-SE NIBE
ALFA-SE ALFA LAVAL
MTRS-SE MUNTERS
SKF.B-SE SKF
ASSA.B-SE ASSA ABLOY
ATCO.A-SE ATLAS COPCO
ALIV-SE AUTOLIV
EPI.A-SE EPIROC
HEXA.B-SE HEXAGON
HPOL.B-SE HEXPOL
KNEBV-FI KONE
SAND-SE SANDVIK
TREL.B-SE TRELLEBORG
VOLV.B-SE VOLVO
WRT1V-FI WARTSILA
METSO-FI METSO
04/17/24 April 17, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
04/17/24 April 17, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
04/17/24 April 17, 2024 1 EN
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Olof Cederholm
04/17/24 April 17, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
04/16/24 April 16, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
04/12/24 April 12, 2024 1 EN
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Olof Cederholm
04/11/24 April 11, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
04/11/24 April 11, 2024 1 EN
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
ABB ABB LTD.
NIBE.B-SE NIBE ... (+18)

Q1e: Toothless downcycle increasingly discounted

Flat earnings as bad as it gets in mild downturn. Deep-cyclicals now partly de-risked, so value opportunities fewer. Epiroc and Hexpol down to HOLD; prefer Alfa, Assa, Metso, Hexagon, Volvo.

ABB ABB LTD.
NIBE.B-SE NIBE
ALFA-SE ALFA LAVAL
MTRS-SE MUNTERS
SKF.B-SE SKF
ASSA.B-SE ASSA ABLOY
ATCO.A-SE ATLAS COPCO
ALIV-SE AUTOLIV
ELUX.B-SE ELECTROLUX
EPI.A-SE EPIROC
HEXA.B-SE HEXAGON
HPOL.B-SE HEXPOL
KNEBV-FI KONE
SAND-SE SANDVIK
TREL.B-SE TRELLEBORG
VOLV.B-SE VOLVO
WRT1V-FI WARTSILA
METSO-FI METSO
04/11/24 April 11, 2024 1 EN
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