Alfa Laval: Q2 preview a slight beat expected, new TP 580 SEK

研报英文原文证据摘录

Alfa Laval: Q2 preview a slight beat expected, new TP 580 SEK

Deutsche Bank

Research

Rating Company Date

Buy Alfa Laval 24 June 2026

Forecast Change

Europe

Sweden

Reuters Bloomberg Exchange Ticker Price at 22 Jun 2026 (SEK) 560.60

ALFA.ST ALFA SS STO ALFA

Price Target (SEK) 580.00

Capital Goods

Engineering ADR ISIN 52-week range (SEK) 573.00390.90-

ALFVY US0153931011

Q2 preview a slight beat expected, new

Valuation & Risks TP 580 SEK

John Kim

Alfa Laval reports Q2 results on July 21st. We expect better order growth in

Research Analyst

Marine in Q2 after a disappointing Q1 print with industry data supportive on +44-20-754-18699

tanker activity where Alfa Laval is over-indexed. Within Energy, we remain bullish

on the company’s data center and HVAC exposures where the order outlook Gael de-Bray, CFA

remains positive but where divisional margin progression remains modest due

+33-1-4495-6562

to uneven factory loads across Alfa’s production footprint. In Food and Water, we

trim our expectations for large orders in the quarter but continue to expect

Key changes

positive margin progression in the year due to consummables. In Marine, we

570.00 to

expect a return to positive order growth in the division underpinned by better TP ↑ 1.8%

580.00

activity levels overall and a return to growth in relevant service categories. We

DB EPS (SEK) 22.63 to 23.03 ↑ 1.8%

update our model and forecasts while adjusting our target price to 580 SEK as we

72,345 to

maintain our BUY recommendation. Revenue (SEKm) ↑ 1.0%

73,089

Source: Deutsche Bank

DB estimates vs street; more bullish on Marine and Food and Water

Revised DB estimates call for Q2 group orders of 18.4bn SEK +10% organic yr/yr, Price/price relative

revenues of 18.3bn +6% organic and adj EBITA of 3.4bn (a 18.4% margin) putting 600