Weekly (AO) | Transition & ESG Weekly

研报英文原文证据摘录

Weekly (AO) | Transition & ESG Weekly

Weekly

Epiroc | Hold | William Mackie - CMD takes: targets confirmed; mining cycle strong, T&A recovery is key PDF

The 8% revenue CAGR, industry-leading margin, and 50% dividend payout targets were reiterated without revision. The CFO's

illustrative trajectory to BSEK ~100 by 2031 (at 8% CAGR from the current BSEK 60–62 base) was framed as directional, not a

formal commitment. Margin uplift to be led by volumes, pricing and productivity.

Mining demand: management struck its most explicitly confident tone to date describing the near-term and medium-term

pipeline as "very solid," cited copper supply-demand imbalance as structural & not cyclical, and noted that current commodity

prices are well above all-in sustaining costs, providing strong capex support.

CFO went as far as saying: "right now it looks like we could have the potential to outgrow the 8%." Recovery timing in T&A is the

greatest uncertainty and key to EPS revisions.

Saint-Gobain | Buy | Martin Flueckiger - Feedback from our Virtual CEO/CFO Tour H1 2026 PDF

We hosted a virtual group meeting for investors with Saint-Gobain's CFO Maud Thuaudet and the IR team today. Judging by the

large number of participants, the interest from investors was very strong.

Based on management's elaborations, we were under the impression that market trends and the issues surrounding cost

inflation due to the conflict in the Middle East have remained overall stable since our last update on the company.

Importantly, management reiterated its target of a slightly positive price-cost spread in 2026, which is essential for its margin

guidance, in our view.

We continue to expect Lead & Grow to further improve Saint-Gobain's equity story, as the company is likely to capitalise on its