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Atlas Copco provides industrial productivity products and services. Co.'s operations are divided into four business areas: Compressor Technique (provides compressors, vacuum solutions, gas and process compressors and expanders, air and gas treatment equipment and air management systems), Industrial Technique (provides power tools, assembly systems, quality assurance products, software and service through a global network), Mining and Rock Excavation Technique (provides equipment for drilling and rock excavation), and Construction Technique (provides construction and demolition tools, portable compressors, pumps and generators, lighting towers, and compaction and paving equipment).
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Narrow-moat Atlas Copco's second-quarter results on a reported basis were in line with expectations but boosted by a currency tailwind; while underlying demand and margins showed signs of retrenchment, albeit on a modest level. Revenue grew by 5% and 1%, on a reported and organic basis, respectively. The EBIT margin declined by 60 basis points year over year. While we have tweaked our forecasts for the results, the changes are not material to our SEK 241 fair value estimate. Shares look expensive at 20 times P/E (for the next 12 months) on consensus estimates, above the 18 times average since ...
Narrow-moat Atlas Copco's second-quarter results on a reported basis were in line with expectations but boosted by a currency tailwind; while underlying demand and margins showed signs of retrenchment, albeit on a modest level. Revenue grew by 5% and 1%, on a reported and organic basis, respectively. The EBIT margin declined by 60 basis points year over year. While we have tweaked our forecasts for the results, the changes are not material to our SEK 241 fair value estimate. Shares look expensiv...
The core of Atlas Copco's business is its air compression product portfolio, which also serves as a calling card to introduce customers to other products in Atlas Copco's portfolio. Air compressors are used in the majority of industries, from automotive assembly to food processing, and Atlas Copco is the market leader with a market share of about 25% in air compressors, about 2.5 times as large as its closest competitor in air compression, Ingersoll Rand. Atlas Copco uses this near ubiquity to its advantage by acquiring other equipment and tool portfolios that it can sell to its air compressor...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
Leadership changes Vittorio Colao was succeeded by Nick Read who was appointed Chief Executive Designate on 27 July 2018 and became Chief Executive on 1 October 2018. Margherita Della Valle joined the Board as Chief Financial Officer on 27 July 2018. Item 15: Advisory vote on the Remuneration ReportThe structure is unsatisfactory. The maximum bonus and total incentive pay exceed guidelines. The quantum for the year was excessive. Pay weighted more towards rewarding long-term performance, but there are overlapping performance conditions as free cash flow was used for both the STI and LTI. A b...
Item 2: Approve the Remuneration ReportThe structure is unsatisfactory as the use of qualitative criteria exceeds guidelines and the pension is excessive. Qualitative criteria slightly exceeds ECGS guidelines. There is no disclosure of targets of the metrics for the STI and a bonus was paid though the Company made a loss for the year. A recruitment award was paid during the year. We recommend shareholders oppose. Item 3: Approve the Remuneration PolicyGiven that the pension contribution will be reduced to within ECGS guidelines, the main concern at the Company is the use of qualitative criter...
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