Capital Goods: Feedback from EU meetings

研报英文原文证据摘录

Capital Goods: Feedback from EU meetings

ve Grid and new 2030 margin targets). Prysmian discussions were similar given Tore Fangmann >> Research Analyst

strong YTD performance, but investors appreciated the catalyst path remains strong (in Merrill Lynch (DIFC)

our view: hyperscaler fiber deals, possible M&A / US listing, potential SX5E inclusion). +971tore.fangmann@bofa.com4 425 8210

…but investors also looking for exposures beyond DCs LorenzoResearch DiAnalystPatrizi >>

We also received increased questions about where to rebalance portfolios given DC- MLI+44 (UK)20 7995 7626

exposed stocks have grown to represent a very large share of assets in many portfolios. lorenzo.dipatrizi@bofa.com

We received good interest on Atlas Copco, where we expect Q2 to be a turning point

(see: Atlas preview), but sense many remain nervous given mgmt’s cautious tone on the

CMD = Capital Markets Daylast earnings call. Mining equipment was also a focus, many agreeing with our thesis

that copper projects could drive the next leg of upside (see: Mining equipment) but DC = data center / direct current

debating Epiroc vs Sandvik. Interest in Kone was also surprisingly high, but we sensed

limited urgency to buy imminently given likely still almost a year until the TK deal HF = hedge fund

completes. Nibe was also seen as potentially interesting following the ceasefire sell-off.

LO = long only

Investors keen to understand Iran ceasefire implications SU = Schneider

Stock-specific interest in short-cycle and construction end markets remained low. But

investors were keen to understand whether these stocks could begin to perform SX5E = Euro Stoxx 50

following the Iran ceasefire given the potential for lower energy prices, and hence lower TK = Thyssenkrupp

interest rates in due course.