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11 Apr 2024

Q1e: Toothless downcycle increasingly discounted

ASSA ABLOY AB Class B (ASSA.B:OME), 0 | Nibe Industrier Ab-B Shs (NIBEB:STO), 0 | NIBE Industrier AB Class B (NIBE.B:OME), 0 | Nibe Ltd. (535136:BOM), 0 | NIBEC Co., Ltd. (138610:KRX), 0 | Munters Group Ab (MTRS:STO), 0 | Munters Group AB (MTRS:OME), 0 | Hexagon (HEXA-B:STO), 0 | HEXAGON COMPOSITES (HEX:STO), 0 | NH3 Clean Energy Limited (NH3:ASX), 0 | Hexagon Purus ASA (HPUR:OSL), 0 | Hexagon AB Class B (HEXA.B:OME), 0 | Hexagon Composites ASA (HEX:OSL), 0 | SKF AB Class B (SKF.B:OME), 0 | SKF India Limited (500472:BOM), 0 | Sandvik (SAND:STO), 0 | Sandvik AB (SAND:OME), 0 | Metso Corporation (METSO:HEL), 0 | Autoliv Inc. (ALV:NYS), 0 | Autoliv (ALV:NYSE), 0 | Alfa Laval (ALFA:STO), 0 | Alfa Laval AB (ALFA:OME), 0 | ABB Ltd. (ABBN:SWX), 0 | ABB LTD-REG (ABB:VTX), 0 | Konekt (KKT:ASX), 0 | Konecranes Oyj (KCR:HEL), 0 | KONE Oyj Class B (KNEBV:HEL), 0 | Volvo (VOLV-B:STO), 0 | Volvo Car AB Class B (VOLCAR.B:OME), 0 | Volvo AB Class B (VOLV.B:OME), 0 | Volvo Financial Services Empresa De Creditos SA Class A (VFSECAC1:LIM), 0 | Atlas Copco Ab-A Shs (ATCOA:STO), 0 | Atlas Copco AB Class A (ATCO.A:OME), 0 | HEXPOL (HPOL-B:STO), 0 | Hexpol AB Class B (HPOL.B:OME), 0 | Epiroc Ab-A (EPIA:STO), 0 | Epiroc AB Class A (EPI.A:OME), 0 | Trelleborg (TREL-B:STO), 0 | Trelleborg AB Class B (TREL.B:OME), 0 | Electrolux (ELUX-B:STO), 0 | Electrolux Professional AB Class B (EPRO.B:OME), 0 | Electrolux AB Class B (ELUX.B:OME), 0

- ABGSC Capital Goods Research | Karl Bokvist | Olof Cederholm | Anders Idborg
- 149 pages

Flat earnings as bad as it gets in mild downturn. Deep-cyclicals now partly de-risked, so value opportunities fewer. Epiroc and Hexpol down to HOLD; prefer Alfa, Assa, Metso, Hexagon, Volvo.

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Q1e: Toothless downcycle increasingly discounted

ASSA ABLOY AB Class B (ASSA.B:OME), 0 | Nibe Industrier Ab-B Shs (NIBEB:STO), 0 | NIBE Industrier AB Class B (NIBE.B:OME), 0 | Nibe Ltd. (535136:BOM), 0 | NIBEC Co., Ltd. (138610:KRX), 0 | Munters Group Ab (MTRS:STO), 0 | Munters Group AB (MTRS:OME), 0 | Hexagon (HEXA-B:STO), 0 | HEXAGON COMPOSITES (HEX:STO), 0 | NH3 Clean Energy Limited (NH3:ASX), 0 | Hexagon Purus ASA (HPUR:OSL), 0 | Hexagon AB Class B (HEXA.B:OME), 0 | Hexagon Composites ASA (HEX:OSL), 0 | SKF AB Class B (SKF.B:OME), 0 | SKF India Limited (500472:BOM), 0 | Sandvik (SAND:STO), 0 | Sandvik AB (SAND:OME), 0 | Metso Corporation (METSO:HEL), 0 | Autoliv Inc. (ALV:NYS), 0 | Autoliv (ALV:NYSE), 0 | Alfa Laval (ALFA:STO), 0 | Alfa Laval AB (ALFA:OME), 0 | ABB Ltd. (ABBN:SWX), 0 | ABB LTD-REG (ABB:VTX), 0 | Konekt (KKT:ASX), 0 | Konecranes Oyj (KCR:HEL), 0 | KONE Oyj Class B (KNEBV:HEL), 0 | Volvo (VOLV-B:STO), 0 | Volvo Car AB Class B (VOLCAR.B:OME), 0 | Volvo AB Class B (VOLV.B:OME), 0 | Volvo Financial Services Empresa De Creditos SA Class A (VFSECAC1:LIM), 0 | Atlas Copco Ab-A Shs (ATCOA:STO), 0 | Atlas Copco AB Class A (ATCO.A:OME), 0 | HEXPOL (HPOL-B:STO), 0 | Hexpol AB Class B (HPOL.B:OME), 0 | Epiroc Ab-A (EPIA:STO), 0 | Epiroc AB Class A (EPI.A:OME), 0 | Trelleborg (TREL-B:STO), 0 | Trelleborg AB Class B (TREL.B:OME), 0 | Electrolux (ELUX-B:STO), 0 | Electrolux Professional AB Class B (EPRO.B:OME), 0 | Electrolux AB Class B (ELUX.B:OME), 0

Published: 11 Apr 2024
Author: ABGSC Capital Goods Research | Karl Bokvist | Olof Cederholm | Anders Idborg
Pages: 149

Flat earnings as bad as it gets in mild downturn. Deep-cyclicals now partly de-risked, so value opportunities fewer. Epiroc and Hexpol down to HOLD; prefer Alfa, Assa, Metso, Hexagon, Volvo.

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