Trelleborg (AO) | Hold | Q2 first take: Growth and margins ahead

研报英文原文证据摘录

Trelleborg (AO) | Hold | Q2 first take: Growth and margins ahead

Trelleborg Hold | Target Price: SEK430.00

Company description Management

Trelleborg is a global leader in engineered polymer solutions that seal, dampen, Peter Nilsson, President and CEO

and protect critical applications in demanding environments. The company’s Fredrik Nilsson, CFO

products can be found in just about any industrial component. The Group Key shareholders

comprises the three business areas: Trelleborg Industrial Solutions, Trelleborg Free float 88.04%

Medical Solutions and Trelleborg Sealing Solutions. Trelleborg reported 2025 Dunker Foundation 11.96%

sales of SEK34bn across some 40 countries and employs ~17,000 employees. Capital Group 3.78%

Vanguard 3.47%

Investment case Valuation methodology

Following the sale of Wheel Systems, Trelleborg's new We value Trelleborg using a DCF and then consider the implied

investment case is about M&A growth and the company's ability target multiples.

to find suitable targets, foremost in Sealing Solutions and in Our target price implies an EV/EBIT 2027E of 17x and an adj. P/E

selected niches in Industrial Solutions. Apart from M&A, the of 19x.

strong balance sheet enables continuous buybacks. Risks to our rating

Following its exit from low-margin business in 2021-23, the M&A at overly high multiples or inability to find suitable

company's position is stronger than ever and its focus is on acquisition targets.

growth (organic and M&A). Lack of margin improvement would be negative for the

Following a strong share price performance over last years, investment case.

multiples have risen, and we view the shares as fully valued. High raw material cost inflation cannot immediately be offset by

Catalysts higher prices.

M&A in Sealing Solutions.