Q2 adj. EBITA beat consensus by 18% on strong performance by Construction Equipment and After Sales, and the company said the integration of the acquired businesses was going according to plan. We have raised our adj. EBITA by 4% for 2017e and 1% for 2018–2019e, now estimating a 2017–2019e EBIT CAGR of 17%. We reiterate our BUY recommendation and have raised our target price to SEK175 (160).
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