Atlas Copco: Covid-19 höjer fair value till 290 kronor

AKTIE: Tre lyckade förvärv och stark vinstutveckling under första halvåret gör att Morningstars analytiker höjer det fundamentalt motiverade värdet på Atlas Copco från 241 till 290 kronor per aktie (24 augusti 2020).

Morningstar Equity Analysts 2020-08-24 | 18:26

Analyst Note |  Aug 24 2020

We are increasing our fair value estimate to SEK 290 per share from SEK 241 for narrow-moat Atlas Copco, incorporating three acquisitions that closed this year as well as better-than-expected first-half earnings and cash flow. Atlas Copco's working capital management and revenue have weathered the pandemic lockdowns better than we expected. The first half revenue was down 6% organically, not bad considering the company's short-cycle product portfolio exposure. Revenue declines were less than we expected, with divergent end-market demand. Semiconductor customers increased the vacuum division's orders by double digits, offsetting the double-digit revenue decline in industrial technique, where automotive customers dominate. Working capital outflows were just SEK 700 million in the first half of 2020 versus SEK 3.4 billion a year ago.

 

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