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Balco: Orders may have passed the trough - SEB

In connection with Q1 sales and results that were better-than-expected by us, CEO Camilla Ekdahl added cautious expectations for Q2 and Q3 order intake to be “on par or better than in Q1” (-16% y/y). We have increased our orders, sales and adjusted EBIT forecasts accordingly and we set our revised DCF based mid-point value at SEK 75 (70). The group is contemplating adding a margin target later this year: we estimate “>10%” looks reasonable.

In connection with Q1 sales and results that were better-than-expected by us, CEO Camilla Ekdahl added cautious expectations for Q2 and Q3 order intake to be “on par or better than in Q1” (-16% y/y). We have increased our orders, sales and adjusted EBIT forecasts accordingly and we set our revised DCF based mid-point value at SEK 75 (70). The group is contemplating adding a margin target later this year: we estimate “>10%” looks reasonable.
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