The glass is half full
We find the overall picture of Valmet’s Q1 report neutral, even though there was strong discord in the businesses, especially in terms of orders and demand outlook. However, we prefer to see the glass as half full, as the stable businesses that are important for Valmet's result and value develop at least reasonably, which compensates for the headwind caused by the weakness of the device businesses' orders and order outlook, especially for next year. After the report, the decreases in earnings forecasts were minor at Group level. We believe that the upside in Valmet's low valuation and the good dividend yield of nearly 6% still generate a higher expected return than the required return on a one-year scope.
Valmet levererar teknik, automation och livscykeltjänster till processindustrier globalt, inklusive massa, papper och energi. Bolaget är verksamt globalt och stödjer kunder från leverans av initial kapitalutrustning genom årtionden av verksamhet. Dess affärsmodell bygger på en stor installerad bas, långsiktiga kundrelationer och återkommande tjänster.
Läs meraNyckeltal2024-02-08
| 2023 | 24e | 25e | |
|---|---|---|---|
| Omsättning | 5 532,0 | 5 423,5 | 5 267,2 |
| tillväxt-% | 9,0 % | −2,0 % | −2,9 % |
| EBIT (adj.) | 598,0 | 593,5 | 611,0 |
| EBIT-% | 10,8 % | 10,9 % | 11,6 % |
| EPS (adj.) | 2,31 | 2,19 | 2,30 |
| Utdelning | 1,35 | 1,40 | 1,45 |
| Direktavkastning | 5,2 % | 5,1 % | 5,3 % |
| P/E (just.) | 11,3 | 12,6 | 12,0 |
| EV/EBITDA | 8,4 | 8,1 | 7,5 |
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