reports
- 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
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Mattias Holmberg
Alfa Laval (Buy, TP: SEK540.00) - Sit back, relax and enjoy the ride
Q1 confirmed that demand remains strong for Alfa Laval and strengthened our view that investors and consensus are exaggerating concerns about the heat pump demand slowdown and underestimating the strength of the Marine market. Alfa Laval remains our sector top pick, being an enabler of the energy transition with promising long-term growth prospects. We reiterate our BUY and have raised our target price to SEK540 (495), having increased our 2025–2026e adj. EBITA by 6–7%.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
- Mattias Holmberg
Alfa Laval (Buy, TP: SEK495.00) - Alfa Lavalicious
We are 4% above consensus on Q1e orders but roughly in line on sales and adj. EBITA, and expect the company to guide for unchanged demand in Q2 versus Q1. We reiterate our BUY and have raised our target price to SEK495 (430) after raising our 2024–2026e adj. EBITA by 5% on average. We are 4–10% above consensus on 2024–2026e adj. EBITA and continue to view Alfa Laval as one of the sector’s most exciting long-term growth stories, driven by the energy transitions.
Aktionäre genehmigten sämtliche Anträge
OC Oerlikon / Schlagwort(e): Generalversammlung Aktionäre genehmigten sämtliche Anträge 21.03.2024 / 16:30 CET/CEST Dividendenausschüttung von CHF 0.20 je Aktie genehmigt. Prof. Dr. Michael Süss als Verwaltungsratspräsident wiedergewählt. Alle Verwaltungsratsmitglieder, die sich zur Wiederwahl stellten, wurden gewählt. Alle bisherigen Mitglieder des Human Resources Committee (HRC) die sich zur Wiederwahl stellten, wurden gewählt. Der Nachhaltigkeitsbericht 2023 wurde genehmigt. Pfäffikon SZ, Schweiz – 21. März 2024 – Insgesamt nahmen 215 Aktionärinnen und Aktionäre ...
Shareholders approved all resolutions
OC Oerlikon / Key word(s): AGMEGM Shareholders approved all resolutions 21.03.2024 / 16:30 CET/CEST Dividend payout of CHF 0.20 per share was approved. Prof. Dr. Michael Suess was re-elected as Chairman of the Board. All Board Members who stood for re-election were voted in. All members of the Human Resources Committee (HRC) who stood for re-election were voted in. Sustainability Report 2023 was approved. Pfäffikon, Schwyz, Switzerland – March 21, 2024 – A total of 215 shareholders attended Oerlikon’s 51st Annual General Meeting of Shareholders (AGM) at the ENTRA, R...
Alfa Laval AB: 1 director
A director at Alfa Laval AB bought 750 shares at 392.500SEK and the significance rating of the trade was 53/100. 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 s...
Einladung zur Oerlikon Medieninformation
OC Oerlikon / Schlagwort(e): Jahresergebnis Einladung zur Oerlikon Medieninformation 08.02.2024 / 17:30 CET/CEST 7. Februar 2024 Corporate Communications Tel. 3 Sehr geehrte Damen und Herren Anlässlich der Publikation unserer Jahresergebnisse 2023 möchten wir Sie herzlich zu einer Medieninformation einladen. Executive Chairman Michael Süss und Chief Financial Officer Philipp Müller werden Ihnen die Ergebnisse des Geschäftsjahres 2023 sowie die Aussichten präsentieren. Die Medieninformation beginnt um 09:30 Uhr und findet auf Deutsch statt. Datum: Dienstag, 20. Febr...
Invitation to Oerlikon’s 2023 results analyst and investor conference
OC Oerlikon / Key word(s): Annual Results Invitation to Oerlikon’s 2023 results analyst and investor conference 08.02.2024 / 17:30 CET/CEST February 7, 2023 Investor Relations Tel. 0 Ladies and Gentlemen, We cordially invite you to join us at our analyst and investor conference where Executive Chairman, Michael Suess and Chief Financial Officer, Philipp Mueller, will provide you with an update on the 2023 results and 2024 outlook. The conference, including the Q&A session, will be held in English. Date: Tuesday, February 20, 2024 Time: 13:30 – 14:30 Con...
- Mattias Holmberg
Alfa Laval (Buy, TP: SEK430.00) - Better than it looked – still good
We believe investors found Q4 worse than it was due to poorly disclosed one-off costs in Energy and Food & Water. With the strong improvement in the Marine EBITA margin YOY and potential for further improvement in 2024, as well as robust commentary on underlying demand for Q1 and 2024 (barring heat pumps and Desmet), we continue to find the outlook for 2024 attractive (we expect adj. EBIT up >20% YOY, flat for the sector). We reiterate our BUY but have trimmed our target price to SEK430 (435).
- Mattias Holmberg
Alfa Laval (Buy, TP: SEK435.00) - Solid Q4e in the making
We are in line with consensus on Q4e orders but 4–6% below on sales and adj. EBITA following our reduced FX forecasts. We believe underlying trends in Q4 will have been robust compared to Q3 and focus should be mainly on order intake and continued margin improvements in Marine. We have cut our 2024–2025e adj. EBITA by 4–5% on FX, but reiterate our BUY and SEK435 target price. At >20% adj. EPS growth in 2024e, Alfa Laval still screens as one of the best names in the sector and remains a sector to...
Strategically Realigning Additive Manufacturing (AM) Business, Consoli...
OC Oerlikon / Key word(s): Miscellaneous Strategically Realigning Additive Manufacturing (AM) Business, Consolidating Production in the US 04.12.2023 / 19:00 CET/CEST Focusing production in the US as the largest growth market for additive manufacturing, and given the adverse market conditions for AM in Germany that limit growth opportunities. US market offers better framework conditions, market acceptance and applications for disruptive technologies. International customers are planned to be served from the US. Research and development (R&D) site in Garching to focus on n...
Oerlikon richtet Geschäft für Additive Manufacturing (AM) strategisch ...
OC Oerlikon / Schlagwort(e): Sonstiges Oerlikon richtet Geschäft für Additive Manufacturing (AM) strategisch neu aus und fokussiert die Fertigung in den USA 04.12.2023 / 19:00 CET/CEST Medienmitteilung Konzentration der Fertigung in den USA als grösstem Wachstumsmarkt für Additive Manufacturing und weil das herausfordernde Marktumfeld für AM in Deutschland die Wachstumschancen begrenzt. US-Markt bietet bessere Rahmenbedingungen, Marktakzeptanz und Anwendungen für disruptive Technologien. Internationale Kunden sollen aus den USA beliefert werden. Forschung und Ent...
- Mattias Holmberg
Decoding Alpha
Our analysis of underlying total shareholder return (TSR) drivers for Swedish Industrial companies reveals that high returns are not synonymous with high valuations. Investors tend to overpay for ‘growth’, while cash returns such as dividends and buybacks are typically deeply discounted. We believe Autoliv, Alfa Laval and Hexagon offer the most long-term TSR potential (13–14% annualised), with SKF and Trelleborg at the other end of the spectrum (8–9%), while also concluding that several stocks l...
- Mattias Holmberg
Alfa Laval (Buy, TP: SEK435.00) - Margins improving
We reiterate our BUY but have trimmed our target price to SEK435 (445) and believe the Q3 report supported our case on the upside potential for Energy and Marine margins. However, management’s comment about a slower ramp-up of new capacity in Energy to match demand was a small negative, in our view. We have raised our 2023–2025e adj. EBITA by 2% on average.
To the Financial Community
OC Oerlikon / Key word(s): Quarter Results To the Financial Community 05.10.2023 / 17:45 CET/CEST October 5, 2023 Investor Relations Tel. 0 Invitation to Oerlikon’s Q3 2023 conference call Ladies and Gentlemen, We cordially invite you to join us on our conference call, where CFO Philipp Müller will provide you with information on the business development and financial performance for the third quarter of 2023. The call will be held in English. Date: Thursday, November 2, 2023 Time: 10:30 CET To join the webcast and to view the accompanying presentation, please...
OC Oerlikon Corp Ag: 1 director
A director at OC Oerlikon Corp Ag bought 25,000 shares at 3.780CHF and the significance rating of the trade was 60/100. 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 cl...
- Mattias Holmberg
Alfa Laval (Buy, TP: SEK445.00) - Marine margins set to recover
We are 1–2% above consensus on Q3e orders, sales and adj. EBITA and believe focus should mainly be on order intake and potential improvement in Marine margins. We have raised our 2024–2025e adj. EBITA by c2% (driven by positive FX effects and higher assumptions for capacity expansion in Energy) and are now c10% above consensus for both years. We like the story and find the valuation attractive at a 2024e EV/EBIT of 13.5x. We reiterate our BUY and have raised our target price to SEK445 (440).
- Douglas Lindahl
- Hanna Lindbo
- Jesper Ingildsen
- Joachim Gunell
- Johan Skoglund
- Johannes Grunselius
- Martin Arnell
- Mattias Holmberg
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Simen Aas
- Simen Mortensen
- Stefan Gauffin
- Tomi Railo
ABB ABB LTD.
PNDORA PANDORA A/S
MTG B MODERN TIMES GROUP MTG AB CLASS B
MOCORP METSO OUTOTEC OYJ
BILL BILLERUDKORSNAS AB
CGCBV CARGOTEC OYJ CLASS B
ALIG ALIMAK GROUP AB
BONAV B BONAVA AB CLASS B
TELIA TELIA COMPANY AB
ALFA ALFA LAVAL AB
ESSITY B ESSITY AB CLASS B
NOLAB NOLATO
BOL BOLIDEN AB
BFG BYGGFAKTA GROUP NORDIC HOLDCO AB
VOLCARb VOLVO CARS
BEIJ B BEIJER REF AB
BETS B BETSSON AB
KOMPL KOMPLETT ASA
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