Atlas Copco A: Q2 2026 Results & Call feedback: Very strong order beat across the board; VT order growth a highlight

研报英文原文证据摘录

Atlas Copco A: Q2 2026 Results & Call feedback: Very strong order beat across the board; VT order growth a highlight

Global Research

16 July 2026ab

First Read

EquitiesAtlas Copco A

Q2 2026 Results & Call feedback: Very strong Sweden

order beat across the board; VT order growth a Industrial, Diversified

12-month rating Neutral

highlight

12m price target SKr195.00

Bottom line Price (15 Jul 2026) SKr186.85

Management provided helpful details around what turned out to be a much stronger RIC: ATCOa.ST BBG: ATCOA SS

than anticipated Orders prints in Q2, in particular highlighting that 1/ CT Gas & Process

strength should not be extrapolated, 2/ CT Industrial compressors recovery is gradually Trading data and key metrics

building (even though sequentially stable in Q2 vs Q1) and 3/ in VT, visibility on timing 52-wk range SKr197.40-144.00

large orders is rather low and hence the experience of a practically unpredictable Market cap. SKr884b/US$92.2b

lumpiness but the comment on continuous high level of customer activity should Shares o/s 3,358m (AFREE)

reassure. Overall, we anticipate LSD-MSD consensus operating profit upgrades for Free float 85%

2026-2027 (UBSe 3% above VA cons for 2027) but continue to find valuation rather full Avg. daily volume ('000) 4,303

while also noting upstream semiconductor players' earnings upgrades being derated by Avg. daily value (m) SKr790.3

the market, and hence maintain our Neutral rating (recent upgrade from Sell). Common s/h equity (12/26E) SKr119b

P/BV (12/26E) 7.6x

Key takes from results

Net debt to EBITDA (12/26E) 0.3x

VT: Strong order beat (+22% ahead of consensus) driven by +59% organic

growth vs consensus at +31%. Semi conductor growth was "strong" with order EPS (UBS, diluted) (SEK)

intake increasingly "significantly".