In this financial analysis report, analysts Baback Korpy and Lukas Andersson, deep diver into the industrial elevator and building maintenance group Alimak (ALIG). Alimak is well-established globally, and the recent acquisition of Tractel will increase margins by 3.7 bps to 15.7% in 2023E. A target multiple of EV/EBIT 9.3x for 2023E justifies a share price of SEK 103.1 and a potential upside of 24.7%.
Investment highlights:
- Broader product offering through Tractel resulting, inEBIT margin expansion by 3.7bps to 15.7% in 2023E.
- Well established to capitalize on solid aftermarket sales resulting in a service revenue increase of 21% to SEK 2.4bn in 2023E.
- Revenue expected to grow from SEK 3,728mn in 2021A to SEK 6,619mn in 2023E