Kepler cuts Cargotec to 'reduce' on MacGregor sale shortfall, 2025 outlook

Hiab Oyj

13/02/2025 09:39

** Kepler Cheuvreux cuts Cargotec's  CGCBV.HE  stock to
"reduce" from "hold", citing a MacGregor sale shortfall for the
Finnish engineering group and its target of flat earnings growth
in 2025 
    ** In November, the firm said it sold MacGregor business to
funds managed by Triton for 480 million euros ($499.92 million)
    ** The sale shortfall stems from the buyer classifying Net
Working Capital (NWC) as debt, a factor Cargotec hadn't
reflected in its initial sale price, Kepler says
    ** "Net, it leaves Cargotec with 376 million euros or 8.8
euros per share less cash versus our base-case valuation," the
broker adds
    ** Kepler also said it expects a potential rebound for the
company's earnings only in 2026-2027
    ** Shares of Cargotec are down 4.5% and among worst
performers on pan-European STOXX 600 Index  .STOXX  
     

 


($1 = 0.9602 euros)

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))