Atlas Copco Q2‘26 Preview: Upside risk to consensus for VT

研报英文原文证据摘录

Atlas Copco Q2‘26 Preview: Upside risk to consensus for VT

3 July 2026

Estimate Change

Alasdair Leslie

+44 20 7762 4952

European Capital Goods alasdair.leslie@bernsteinsg.com

Nicholas WittingAtlas Copco AB +44 20 7762 1411

Rating nicholas.witting@bernsteinsg.com

Outperform Om Kela

+44 20 7550 2192

Price Target om.kela@bernsteinsg.com

ATCOA.SS 215.00 SEK Specialist Sales

James Brady

+44 20 7762 5272

james.brady@bernsteinsg.com

Atlas Copco Q2'26 Preview: Upside risk to consensus for VT

Atlas Copco has gained back some momentum, with the stock up +17% YTD vs the sector’s

Close Date 2 Jul 2026

+11%, supported by easing geopolitical concerns, resilient US industrial demand and VT’s

ATCOA.SS Close Price (SEK) 192.80

cyclical upturn. Yet, on the 1Q26 results' day, miscommunication on VT demand made

Price Target (SEK) 215.00

investors fear the peak had been reached. Our discussions with the company suggest this is

Upside/(Downside) 12%

not the case, while historical order trends and revenue conversion dynamics indicate further

52-Week Range 197.61/142.48

upside potential. We further find the outlook for 2Q26 supportive as FX effects unwind, and

EDME 1,612.27

CT benefits from easier comps and resilient PMIs.

FYE Dec

The outlook for WFE keeps getting better. Semi capex announcements continue to Div Yield 1.6%

support an increasingly constructive outlook for WFE, a key driver of VT demand. Samsung Market Cap (SEK) (M) 911,051

and SK hynix plan to invest c.$518bn across four new fabs, with ~60% of total capex EV (SEK) (M) 925,323

typically translating into WFE spend. Micron has also announced plans to double capex by Performance YTD 1M 6M 12M

2027. Collectively, these announcements reinforce expectations for sustained WFE growth Absolute (%) 16.8 5.9 15.6 23.2