First Read: Metso "Q226 conference call feedback: Strong mining demand with..."

研报英文原文证据摘录

First Read: Metso "Q226 conference call feedback: Strong mining demand with..."

Global Research

24 July 2026ab

First Read

EquitiesMetso

Q226 conference call feedback: Strong mining Finland

demand with a very healthy pipeline. Industrial, Diversified

12-month rating Buy

12m price target €21.50

Bottom line

Overall a confident call from management. Metso's backlog has increased, but the

pipeline remains as strong as ever. Management confirmed that the new service centres/ Price (23 Jul 2026) €15.60

service centre expansions (eg, Argentina, Arizona, Canada) were in regions where they RIC: METSO.HE BBG: METSO FH

were potentially expecting to receive orders from upcoming large projects. Whilst the

Trading data and key metrics

outlook statement remains unchanged, our sense is that management were confident

on the market outlook for the remainder of the year. We didn't get a sense that 52-wk range €17.88-10.78

management were concerned about Aggregates demand, which was one of the Market cap. €12.9b/US$14.7b

concerns into the print. Shares o/s 828m (ORD)

Free float 100%

Orders Avg. daily volume ('000) 1,406

Avg. daily value (m) €21.5

Strong flow of small-/mid-sized orders. Common s/h equity (12/26E) €2.89b

Many orders in the €5-15m range. P/BV (12/26E) 4.5x

Net debt to EBITDA (12/26E) 0.8x

North America strongest region.

EPS (UBS, diluted) (EUR)

Sales UBS Cons.

12/26E 0.75 0.74

Minerals equipment sales lower YoY.

12/27E 0.98 0.87

Strong book to bill implies good outlook for sales growth; some of the orders that 12/28E 1.15 0.96

were received in Q2 potentially convert to revenues as early as Q4. Ed Hussey

Tougher H2 equipment was also highlighted in the Q&A. Analyst

edward.hussey@ubs.com

Aggregates sales +7%, driven by equipment. +44-20-7568 3946

Andre Kukhnin