Industrials

Report by AlphaValue

Epiroc remains a strong BUY despite lagging sector peer Sandvik’s recent surge. Since its 2018 spin-off from Atlas Copco, Epiroc has delivered consistently high returns, averaging 24% ROCE, well above its cost of capital. Its strength lies in a service-led business model: recurring services generate most revenue, while mining contributes 80% of sales. Global operations and extensive service networks create barriers to entry against rivals such as XCMG and Sany. Demand is supported by strong copper and gold markets, electrification trends, and growth in underground mining. With strong Q1 2026 orders, low debt, and expanding high-margin aftermarket services, AlphaValue sees around 30% upside and continued long-term growth potential.

Industrials

Report by Smart Insider

Kenneth Lagerborg (VP Financial Solutions, Group Treasurer) purchased €83,000 of Atlas Copco B shares at SEK159.05, increasing his stake by an estimated 75%. This is the largest of his 5 purchases, the highest price he has paid and his first buy for 4 years. His record to date has been good, according to the analysts at Smart Insider. He last bought stock at SEK91.95 in Dec 2020 and it is notable to see him now buying stock 4 years later at a price more than 70% higher. Furthermore, Vagner Da Silva Rego (CEO since 2024, joined 2014) also recently acquired shares. Smart Insider ranks the stock +1 (highest rating).

Technical Analysis

Report by Messels

Recycling and Renewable Energy stocks such as Umicore, Vestas Wind and Siemens Gamesa are rallying from medium term support. Selective Seafood and Tobacco stocks remain defensive including SalMar, Mowi and Scandinavian Tobacco. Banks are generally rallying in ranges; favours CaixaBank and Sabadell which have already broken out and extend relative bases.

Industrials have broken uptrends and are now losing relative momentum such as Schneider, Atlas Copco and Alfa Laval. Luxury Goods renew their 4-month price and relative tops including Pandora, LVMH, Dior and Hermes. IT Hardware and Semiconductors renew their 5-month price and relative tops; SeSa, BE Semiconductor, Infineon and Nordic Semiconductor are highlighted.