Rankings Machinery & automation Epiroc
Epiroc
77
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history and peers−8
- ROIC and earnings trend−5
- FCF yield−3
Strengths
- Order intake+2
- Recurring revenue+1
- Balance sheet and cash flow+1
How the score is built
From 100 to 77, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 242.20 SEK
- Median analyst target
- 287.50 SEK
- Upside to median
- +18.7%
- Analysts
- 21
- Target range
- 230.00 – 340.00 SEK
- 52-week change
- +20%
- P/E (trailing)
- 31.5
- Forward P/E
- 24.2
- PEG
- 1.80
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−7 of −30
- −5ROIC and earnings trendROIC has fallen from 32.7% (2021) and 27.8% (2022) to 17.2% TTM; the operating margin from 22.5% to 20.4%, and EPS is 7.30 TTM vs 7.81 in 2023. Bigger, not stronger.
- −2Quality of growthRevenue has been flat since 2023 (SEK 60.3bn → 62.4bn TTM). In Q2 growth came from equipment (+30% organic orders), while the high-margin Tools & Attachments grew only 4% organically to 3.9bn, and service had fewer mid-life upgrades.
Price
Today's multiples against the company's own history and its peers. · 2 findings−11 of −35
- −8Multiples vs own history and peersP/E 35.1 (TTM) vs 24.8–28.5 in 2022–2025; forward P/E 26.7 at the top of 23.8–27.2; EV/EBITDA 19.8 vs 16.2–17.8; EV/EBIT 24.0 vs 18.4–20.5. More expensive than Sandvik (forward P/E 19.1) and FLSmidth (17.8) after +37% in a year.
- −3FCF yieldFCF yield 2.9% and P/FCF 34.7 (TTM); analysts expect lower FCF in 2026 (SEK 8.2bn) than in 2025 (8.7bn).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−5 of −35
- −3Mining cycleOrders fell 9% organically from Q1 to Q2, and demand rests on 'historically high' copper and gold prices; equipment orders, the most cyclical part, drove growth.
- −1Product mixEquipment rose to 46% of revenue from 44%, and management was asked about a negative mix effect on the margin from the high equipment invoicing in H2.
- −1CurrencyCurrency took 1% off revenue in Q2 and was a headwind to EBIT, especially in Tools & Attachments.
Plus
Only documented strengths. · 3 findings+4 of +15
- +2Order intakeOrders +13% organic to SEK 17,305m in Q2, large orders 720m (230), and operating profit rose 17% to 3,316m (margin 19.9%).
- +1Recurring revenueThe aftermarket makes up 64% of revenue (service 41%, tools 23%), supported by an ageing machine fleet.
- +1Balance sheet and cash flowOperating cash flow SEK 1,902m in Q2 (1,104) and net debt/EBITDA 0.75x (0.82).
Caveats
What the score does not capture, or where the data is weak.
cyclical set to false: 64% of revenue is aftermarket (service 41%, tools 23%), which follows mine production volumes rather than metal prices; equipment orders (46% of revenue) are the cyclical part and are scored in T3. The same assessment as FLSmidth. Scored on the A share (EPI.A). Multiple history only 2021–2025; 2021 (the first year after listing, P/E 37) is excluded. Insider trades and litigation have not been examined in depth.
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