Atlas Copco: Only just the beginning; raising TP to 230 SEK

Research evidence excerpt

Atlas Copco: Only just the beginning; raising TP to 230 SEK

17 July 2026

Estimate Upgrade

Alasdair Leslie

+44 20 7762 4952

European Capital Goods alasdair.leslie@bernsteinsg.com

Nicholas WittingAtlas Copco AB +44 20 7762 1411

Rating nicholas.witting@bernsteinsg.com

Outperform Om Kela

+44 20 7550 2192

Price Target om.kela@bernsteinsg.com

ATCOA.SS 230.00 SEK (215.00 OLD) Specialist Sales

James Brady

+44 20 7762 5272

james.brady@bernsteinsg.com

Atlas Copco impressed in Q2, reinforcing the strength of the semiconductor upcycle (as we

Close Date 16 Jul 2026

anticipated) and suggesting industrial end markets have moved past their trough, with CT, IT

ATCOA.SS Close Price (SEK) 195.15

and PT delivering robust order growth. We expect more of the same in 2H26, supported by

Price Target (SEK) 230.00

constructive industrial indicators and continued positive semiconductor capex announcements.

Upside/(Downside) 18%

Our higher sales estimates for FY26/27 lead us to raise EBITA by 2%/8%, respectively, and in

52-Week Range 200.00/142.48

turn, we raise our TP to SEK 230, reiterating Outperform.

EDME 1,598.24

VT goes from strength to strength. The semiconductor-led upcycle in VT continues FYE Dec

to accelerate across regions and customers, with the business area delivering LFL order Div Yield 1.5%

growth of 59% (vs 32% in Q1). Customer interactions remain strong, while continued Market Cap (SEK) (M) 925,419

positive announcements from semicap companies (e.g. TSMC raising FY26 capex by ~15% EV (SEK) (M) 946,113

at Q2) suggest the semiconductor pipeline continues to expand. We forecast 2H26 order Performance YTD 1M 6M 12M

growth of ~35% as demand remains elevated. Revenue conversion should accelerate as Absolute (%) 18.2 1.3 2.7 24.8