First Read: FLSmidth "Feedback form Q1 earnings call: Positive. Increased..."

研报英文原文证据摘录

First Read: FLSmidth "Feedback form Q1 earnings call: Positive. Increased..."

Global Research

13 May 2026ab

First Read

EquitiesFLSmidth

Feedback form Q1 earnings call: Positive. Denmark

Increased confidence in the outlook for Heavy Machinery

12-month rating Neutral

greenfield.

12m price target DKr450.00

Bottom line: Price (12 May 2026) DKr445.40

Overall a positive call from management. The tone was constructive, with increased RIC: FLS.CO BBG: FLS DC

confidence in a pickup in greenfield activity and a clear visibility on order conversion

through the year. Weakness in Service margins in Q1 was characterised as a one-off and Trading data and key metrics

driven by revenue phasing, with management reiterating confidence in delivering a 19– 52-wk range DKr611.00-358.40

20% EBITA margin for the full year. Both PC&V and Service orders are expected to be Market cap. DKr25.7b/US$4.04b

delivered through the year and remain backend-loaded. The build-up in net working Shares o/s 57.7m (ORD)

capital relates primarily to inventories in PC&V and Service and should unwind as orders Free float 72%

are delivered across coming quarters. The only slight negatives remain the ongoing Avg. daily volume ('000) 124

sanctions issue and quarterly volatility in Service margins, although management Avg. daily value (m) DKr62.9

stressed this was in line with expectations. All in all, a good and reassuring call from Common s/h equity (12/25E) DKr9.51b

management. P/BV (12/25E) 2.7x

Net debt to EBITDA (12/25E) 0.8x

Key takeaways

EPS (UBS, diluted) (DKK)

UBS Cons.

Strategic and corporate highlights 12/25E 10.39 0.00

The sale of the headquarters was carried out in Q1. 12/26E 26.14 30.22

12/27E 27.30 31.15

Changes to the executive team were highlighted as part of ongoing strategic

refresh. Ed Hussey