Finnish Industrials (, ) - Earnings quality kick continues (32 pages)
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 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...
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%.
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...
We have downgraded to HOLD (BUY). With unchanged estimates, we reiterate our EUR35 target price, which suggests limited upside potential.
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.
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.
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