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Equities
Machinery
用户上传 更多免费报告请查看研报客
By: Edward Perry, Michael Hagmann, Tarek Soliman and September 2019
Fawzi Hanano
S P O T L I G H T
Mining Equipment
Gold rush: Initiations on Epiroc,
FLSmidth, Metso
We believe that mining capex
has entered a more sustainable,
productivity-driven cycle
We consider this positive for the
European equipment suppliers,
particularly against the backdrop of a
structural degradation in ore grades
We initiate on Epiroc and FLSmidth
with a Buy rating and Metso with a
Hold rating. We maintain Buy ratings
on Sandvik and Weir Group
Play video with
Edward Perry
Disclosures Disclaimer: This report must be read with the disclosures and the analyst certifications in
the Disclosure appendix, and with the Disclaimer, which forms part of it.
Equities ● Machinery
September 2019
用户上传 更多免费报告请查看研报客
Why read this report?
We believe that mining capex has entered a more sustainable,
productivity-driven cycle
We consider this positive for the European equipment suppliers,
particularly against the
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