reports
- Tomi Railo
Earnings quality kick continues
Finnish Industrials (, ) - Earnings quality kick continues (32 pages)
- 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.
Cargotec publishes its 2024 annual report and financial statements
Cargotec publishes its 2024 annual report and financial statements CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 27 FEBRUARY 2025 AT NOON (EET) Cargotec publishes its 2024 annual report and financial statementsCargotec's annual report 2024 and financial statements for the financial year 1 January–31 December 2024 have been published in English and Finnish. The report consists of the annual review, financial review, corporate governance statement and remuneration report. The financial review consists of the Board of Directors' report, including the sustainability statement, as well as the ...
Cargotec julkaisee vuoden 2024 vuosikertomuksen ja tilinpäätöksen
Cargotec julkaisee vuoden 2024 vuosikertomuksen ja tilinpäätöksen CARGOTEC OYJ, PÖRSSITIEDOTE, 27. HELMIKUUTA 2025 KLO 12.00 Cargotec julkaisee vuoden 2024 vuosikertomuksen ja tilinpäätöksen Cargotec Oyj:n vuoden 2024 vuosikertomus ja tilinpäätös tilikaudelta 1.1.–31.12.2024 on julkaistu suomeksi ja englanniksi. Vuosikertomus 2024 sisältää vuosikatsauksen ja taloudellisen katsauksen, selvityksen hallinto- ja ohjausjärjestelmästä sekä palkitsemisraportin. Taloudellinen katsaus koostuu kestävyysraportin sisältävästä hallituksen toimintakertomuksesta, tilinpäätöksestä sekä tilintarkastus...
- 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%.
- 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
- 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.
- 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
- Tomi Railo
Kalmar (Hold, TP: EUR35.00) - Well handled
We have downgraded to HOLD (BUY). With unchanged estimates, we reiterate our EUR35 target price, which suggests limited upside potential.
- Delphine Brault
- Quentin Borie
- Delphine Brault
- Quentin Borie
- Tomi Railo
Valmet (Buy, TP: EUR32.00) - Mixed Q4, with Services shining
We have cut our 2025–2026e clean EPS by c3% on average due to the Q4 earnings miss, our lower capital profitability forecast, and our higher financial cost estimates. We continue to believe the valuation is attractive, and reiterate our BUY and EUR32 target price.
- Tomi Railo
Metso (Buy, TP: EUR12.00) - Solid Q4 and outlook
We have raised our 2025–2026e clean EBITA by 2% and our target price to EUR12 (11), and reiterate our BUY. We still view Metso's end-market exposure, financials, dividend yield, and valuation as attractive.
- 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
- Delphine Brault
- Quentin Borie
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