reports
- Alexander Aukner
- Antti Kansanen
- Christer Magnergård
- Håkon Astrup
- Helge André Martinsen
- Jon Masdal
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Arnell
- Martin Huseby Karlsen
- Mattias Holmberg
- Mattias Montgomery
- Ole-Andreas Krohn
- Olof Larshammar
- Patrik Ling
- Rune Majlund Dahl
COOR COOR SERVICE MANAGEMENT HOLDING AB
GN GN STORE NORD A/S
ORI SDB ORIFLAME HOLDING AG
NOBI NOBIA AB
SOC SUBSEA 7 S.A.
LUNE LUNDIN ENERGY AB
SALM SALMAR ASA
OCY OCEAN YIELD ASA
KCR KONECRANES OYJ
JM JM AB
E65F VALARIS PLC CLASS A
VALMT VALMET CORP
ALIV AUTOLIV
NETb NETENT
PARB PARETO BANK
ESSITYB ESSITY
ELUX ELECTROLUX
HPOLB HEXPOL
RECIB RECIPHARM
ATORX ALLIGATOR BIOSCIENCE AB
SKFB SKF
HANDI HANDICARE GROUP AB
NODL NORTHERN DRILLING
- Olof Larshammar
SKF (Buy, TP: SEK240.00) - Price/mix improved strongly
We reiterate our BUY recommendation and SEK240 target price. We believe that with 10–20% spare capacity, limited bottlenecks, and price increases, SKF is well-placed to benefit from the current cyclical upturn. We also expect earnings support from streamlining and production footprint investments; in our view, this should generate a 2018–2020e EBIT CAGR of 9%. Our 2018–2020e EBIT is c8–12% above consensus.
- Christoffer Wang Bjørnsen
- Frank Maaø
- Jon Masdal
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Arnell
- Martin Huseby Karlsen
- Mattias Holmberg
- Ole-Andreas Krohn
- Olof Larshammar
- Rune Majlund Dahl
- Simen Mortensen
- Olof Larshammar
SKF (Buy, TP: SEK240.00) - Estimates continuing to move up
We reiterate our BUY recommendation and have raised our target price to SEK240 (230) on higher forecasts. We believe that with 10–20% spare capacity, limited bottlenecks and price increases, SKF is well placed to benefit from the current cyclical upturn. We also expect earnings support from streamlining and production footprint investments; in our view, this should generate a 2018–2020e EBIT CAGR of 10%. Our 2018–2020e EBIT is c7–13% above consensus. The Q1 results are due at 08:00 CET o...
- Christer Magnergård
- Frank Maaø
- Håkon Astrup
- Helge André Martinsen
- Jesper Ingildsen
- Karl-Johan Bonnevier
- Mattias Montgomery
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Olof Larshammar
- Paul Harper
- Rune Majlund Dahl
- Simen Mortensen
- Olof Larshammar
SKF (Buy, TP: SEK230.00) - Bearing forward
We reiterate our BUY recommendation and SEK230 target price following the Q4 results. We believe that with 10–20% spare capacity, limited bottlenecks and price increases, SKF is well placed to benefit from the current cyclical upturn. We also expect earnings support from streamlining and production footprint investments; in our view, this should generate a 2018–2019 EBIT CAGR of 7%. Our 2018–2019e EBIT is c3–5% above consensus.
- Ole-Andreas Krohn
- Olof Larshammar
Price bearing in the right direction
We have upgraded SKF to BUY (HOLD) and raised our target price to SEK200 (SEK190) following a change of analyst. In our view an improved pricing environment, still-good organic growth, and earnings support from investing in its production footprint and EPR system should generate a 2017–2019 adj EBIT CAGR of 10%. Our 2017–2019e EBIT are c3–6% above consensus.
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