Atlas Copco (ATCOa.ST): Reiterate Buy into 2027/28 Upgrade Cycle

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Atlas Copco (ATCOa.ST): Reiterate Buy into 2027/28 Upgrade Cycle

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23 Jun 2026 08:03:47 ET │ 17 pages

Atlas Copco (ATCOa.ST)

Reiterate Buy into 2027/28 Upgrade Cycle

CITI'S TAKE

We’ve highlighted the upside to NT orders (both in CT and VT) and out-year

sales/margin as a reason to stay constructive Atlas. The recent

outperformance (Atlas shares +10% vs SXNP since early June) has seen Buy

incoming from investors if this is as good as it gets with risk of travel and Price (22 Jun 26 17:30) SKr195.80

arrive into 2Q results. The tech sell off as we write this with profit taking in

stocks that have seen major outperformance doesn’t apply to Atlas in our Target price SKr242.00↑

view with the 36% PE premium to SXNP still well below the 60% mid-2024 from SKr204.00

peak levels. Given material VT upside into 2027/28 and with ex-VT Expected share price return 23.6%expectations now more supported we see further room for outperformance

and raise our TP to SEK 242 from SEK 204 supported by our raised WFE Expected dividend yield 1.7%

forecasts here. Atlas reports 2Q26 results July 16th, click through for Expected total return 25.3%

preview including our updated forecasts vs VA cons. Market Cap SKr927,367M

US$96,775MVT: both sales and margin upside — The implied double digit qoq acceleration in

shipments at the tool makers from their outlooks (across LAM, AMAT, Tokyo

Electron) bodes well for Atlas VT orders, and we still think the flattish qoq outlook at

Atlas is too conservative. The debate around new clean room capacity (more

powerful for Atlas orders into the sub-fab) vs tools replacements is in focus and Price Performance

could see a slower order ramp at Altas this year. Still, following the capacity (RIC: ATCOa.ST, BB: ATCOA SS)