Alfa Laval Updated Q2 preview with consensus - a solid beat to support near term share price

研报英文原文证据摘录

Alfa Laval Updated Q2 preview with consensus - a solid beat to support near term share price

J P M O R G A N Europe Equity Research

15 July 2026

Alfa Laval Neutral

ALFA.ST, ALFA SS

Updated Q2 preview with consensus - a solid beat to Price (14 Jul 26):Skr564.60

support near term share price Price Target (Dec-27):Skr565.00

We update our Alfa Laval preview (first published on 2nd July) after receiving a European Capital Goods

ACconsensus from Infront. We are 4% above consensus on order intake, revenue and Akash Gupta

Adj EBITA, and therefore we expect a modest beat. The focus will be on the (44-20) 7742-7978

demand outlook, where the booking of a very large biofuel order in Q2 (Skr1.1bn) akash.z.gupta@jpmorgan.com

has created a tough comp for sequential demand growth in Q3. That said, J.P. Morgan Securities plc

underlying demand momentum remains solid and we see a good liklihood of stable Phil Buller

demand continuing in Q3 despite a tough Q2 comp. The stock has outperformed (44-20) 3493-9403

phil.buller@jpmorgan.com

the sector, up ~20% YTD vs. SXNP up ~8%, and we see little risk to the near-term J.P. Morgan Securities plc

share price.

Chitrita C Sinha

• Q2 expectations: At the Q1 results, Alfa Laval guided that Q2 group demand (44-20)chitrita.sinha@jpmorgan.com7742-7176

should be somewhat higher than Q1. At a divisional level, management guided J.P. Morgan Securities plc

to stable demand in Energy at an all-time high level, Ocean demand to be higher Jeremy Caspar

than Q1 and Food & Pharma demand to be at the same level with both upside (44-20) 3493-5188

and downside depending on the award of large orders. In the first five months, jeremy.caspar@jpmorgan.com

new ship contracting remained at a high level, with tankers contracting up J.P. Morgan Securities plc