Indústrias
Industrial Manufacturing
Todas as análises de Industrial Manufacturing — 4 análises.
41/100
70Buffett
Valmet Oyj: Two Businesses, One Share Price, and a Separation Thesis Already Partly Priced
Valmet is a Finnish process-technology group that sells pulp, board, paper and tissue production lines alongside automation, valves and mill services, and its two segments earn very differently: Process Performance Solutions turned EUR 1.481 billion of 2025 sales into a 19.6% comparable EBITA margin while Biomaterial Solutions and Services turned EUR 3.716 billion into 10.3%. That gap frames the formal review the board opened on 24 July 2026 into separating the two into independently listed companies, with an update promised no later than the full-year results on 4 February 2027; the shares jumped 22% that day, while first-half BSS capital-equipment book-to-bill fell to about 0.72x, leaving 2027 revenue dependent on orders not yet booked. Rating Hold: the base sum-of-the-parts of EUR 33.4 a share sits above the EUR 28.56 price, but the price is already about 9% above the EUR 26.3 no-split value, so the margin-of-safety verdict is none until the shares approach the EUR 19 to 21 ideal buy range.
45/100
81Buffett
ANDRITZ: Service Reached 46% of Revenue, but the Record Backlog Is Hydro-Heavy and Margin-Dilutive
ANDRITZ is an Austrian process-plant engineer supplying pulp and paper, hydropower, metals and environmental systems, and service on its installed base now provides 46% of revenue, up from 35% in 2018. H1 2026 order intake rose 25.2% to EUR 5.92 billion and the backlog reached a record EUR 12.60 billion, but Hydropower supplies roughly half of that book at a 7.1% comparable EBITA margin against 8.6% for the group, so the record order book is margin-dilutive at today's business-area profitability and turns neutral only near an 8% Hydro margin. Rating Hold: at EUR 79.50 the shares sit about 18% above the EUR 67.6 conservative sum-of-the-parts and offer no margin of safety, with the ideal buy range at EUR 50 to 54.
38/100
Kawasaki Heavy Industries: Aerospace Earned the Rerating, the Rest of the Group Still Has to Pay for It
Kawasaki Heavy Industries is a Japanese heavy-industrial conglomerate spanning aerospace and defense, energy and marine engineering, rolling stock, and robotics, with FY2025 revenue of ¥2,311.3 billion. Aerospace Systems has become the group's largest profit pool as Japan's defense build-up accelerates, with Ministry of Defense sales reaching ¥429.8 billion, but the July 2026 issuance of new shares and convertible bonds to fund aircraft engines, robotics and hydrogen projects dropped the stock roughly 7% and underscored how capital-hungry the rest of the group remains. Rating Hold: the aerospace-led rerating is real, but thin Rolling Stock margins, unproven hydrogen economics and fresh dilution leave today's price near fair value rather than a compelling entry point.
46/100
Mitsubishi Heavy Industries (7011.TSE) Zen Horizon Deep-Dive Report
Mitsubishi Heavy Industries is Japan's largest heavy-industrial group, founded in 1884, with four operating pillars across Energy Systems, Aircraft, Defense & Space, Plant & Infrastructure, and Logistics, Thermal & Drive Systems. FY2025 revenue reached ¥4,974B (+14.1%), net income ¥332B (+35.3%), orders ¥7,654B (+20%), and backlog a record ¥13,238B, while the AU$10B Mogami frigate contract with Australia marked Japan's largest postwar weapons export. Report rating Watch: Japan's defense expansion, the second GTCC upcycle driven by AI data centers, and Japan's industrial re-rating are powerful themes, but the current valuation already prices in much of the upside.