reports
- 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
- Tomi Railo
Kone (Hold, TP: EUR52.00) - Focus on orders and outlook
We are neutral ahead of the Q1 results due on 30 April (no details available) – we are in line with post-Q4 consensus on orders and sales, while we are 2% below on clean EBIT. We have cut our 2025–2027e clean EPS by c2% on average, mainly due to FX. We reiterate our HOLD and EUR52 target price.
- Tomi Railo
- 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
- 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
- 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.
- Delphine Brault
- Quentin Borie
- Thomas Zlowodzki
- Delphine Brault
- Quentin Borie
- Thomas Zlowodzki
- Delphine Brault
- Quentin Borie
- Delphine Brault
- Quentin Borie
- Tomi Railo
Kone (Hold, TP: EUR52.00) - Slow increase in profitability
We reiterate our HOLD, but have raised our target price to EUR52 (50) after increasing our 2025–2026e clean EPS by c2% due to beats in Q4 orders, clean EBIT, and the Service and Modernisation businesses. We believe the profitability improvement is slow and the valuation fair.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Delphine Brault
- Quentin Borie
ODDO : 2025 : potentiellement un meilleur cru que 2024
L’année 2025 verra, selon nous, une poursuite de la croissance du CA (5% estimé vs 1.5% en 2024e) et de l’amélioration de la marge (53 pb vs 14 pb en 2024e), à l’exception possible de quelques sociétés (marge optimisée ou risque lié aux hausses des droits de douane). Si quelques thématiques devraient rester inchangées (exposition USA, Green Capex, datacenters, etc), d’autres émergeront (construction, discrete automation) ou accélèreront (semiconducteurs) au cours de l’année. Dans ce contexte, no...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
- Delphine Brault
- Quentin Borie
ODDO : 2025: set to potentially be a better year than 2024
2025 is in our view likely to see sales continue to grow (5% estimated vs 1.5% in 2024e) and margins continue to improve (53bp vs 14bp in 2024e), with the possible exception of a few companies (optimised margins or tariff risk). While some themes are likely to endure (US exposure, green capex, data centres, etc.), others will emerge (construction, discrete automation) or accelerate (semiconductors) over the year. In this context, our Top Picks are Alstom, Assa Abloy, Siemens and SKF. And we upgr...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
- Konrad Zomer
- Marc Lavaud
- Youssef Besbes
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
REL RELX PLC
BT.A BT GROUP PLC
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
KPN ROYAL KPN NV
PUM PUMA SE
VOLV B VOLVO AB CLASS B
EO FAURECIA SA
DAI DAIMLER AG
ABB ABB LTD.
LONN LONZA GROUP AG
POM PLASTIC OMNIUM SE
GLE SOCIETE GENERALE S.A. CLASS A
NOKIA NOKIA OYJ
TYRES NOKIAN RENKAAT OYJ
WKL WOLTERS KLUWER NV
FR VALEO SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
HM B H&M HENNES & MAURITZ AB CLASS B
CIE CIE AUTOMOTIVE S.A.
RACE FERRARI NV
ASML ASML HOLDING NV
PIRC PIRELLI & C. S.P.A.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
GEST GESTAMP AUTOMOCION S.A.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Konrad Zomer
- Marc Lavaud
- Youssef Besbes
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
REL RELX PLC
TKA THYSSENKRUPP AG
BT.A BT GROUP PLC
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
APAML APERAM SA
KPN ROYAL KPN NV
PUM PUMA SE
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
ABB ABB LTD.
LONN LONZA GROUP AG
POM PLASTIC OMNIUM SE
GLE SOCIETE GENERALE S.A. CLASS A
SZG SALZGITTER AG
NOKIA NOKIA OYJ
TYRES NOKIAN RENKAAT OYJ
WKL WOLTERS KLUWER NV
VOE VOESTALPINE AG
ACX ACERINOX SA
FR VALEO SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
SY1 SYMRISE AG
NDA AURUBIS AG
HM B H&M HENNES & MAURITZ AB CLASS B
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RACE FERRARI NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
PIRC PIRELLI & C. S.P.A.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
GEST GESTAMP AUTOMOCION S.A.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
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