ATLAS COPCO (+) : Most eyes on CT

研报英文原文证据摘录

ATLAS COPCO (+) : Most eyes on CT

EQUITIES

CAPITAL GOODS

ATLAS COPCO OUTPERFORMPRICE* SEK195.9  TARGET PRICE SEK215 (UPSIDE 10%) TARGET 5%PRICE EPS 2%26e EPS 4%27e

Most eyes on CT

Atlas Copco will release Q2 2026 results on July 16. We think the positive momentum for Vacuum22 JUNE 2026

Securities Research Report Technique will continue and that Compressor Technique will see improvement from the previous

Production time: 18:52* (London time)

quarter. We maintain our Outperform and raise our target price to SEK215 (from SEK205).

Research Analysts & Publishing Entities

Andreas Koski CT should perform better than in the previous quarter

BNP Paribas SA Compressor Technique (CT) disappointed the market in Q1 2026, but Q2 will see easier order comps

(+46) 85 663 9823

andreas.koski@bnpparibas.com and should benefit from strong demand for new LNG carriers. We forecast organic order growth of

9% for CT and expect a small beat versus Bloomberg consensus estimates. For Vacuum Technique

Jonathan Mounsey

(VT), based on leading indicators and peer commentary, we assume orders will strengthenBNP Paribas London Branch

(+44) 207 039 9529 sequentially and are looking for y/y organic order growth of 28%. We think Atlas Copco will maintain

jonathan.mounsey@uk.bnpparibas.com its near-term outlook of relatively unchanged customer activity. As deliveries ramp in Vacuum

Technique, we expect a solid drop-through and decent margin expansion.

We raise our earnings estimates

Partly because of recent FX changes and partly because of higher organic estimates mainly in

Vacuum Technique, we increase our 2027 adjusted EBIT estimate by 4%. For the group, we expect

6% organic revenue growth in 2026 followed by 9% in 2027.

We maintain our Outperform and raise our target price to SEK215