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Alfa Laval: BofA remains a buyer

(CercleFinance.com) - BofA Global Research has reiterated its "buy" rating on the shares of Alfa Laval, saying the Swedish engineering group's "confident" investor day brought "no real surprises.

In a note to clients, the broker said it sees "opportunities" in energy storage and alternative proteins, which represent 80% of the growth in the protein market.

Vegetables, insects and cell-cultured meat were highlighted as new growth areas, BofA said.

However, the broker added that the Alfa share is trading at a 2020E EV/EBITA of about 12x, compared to about 13x for the sector, which already discounts investors' concern on the marine business' order momentum, it noted.

The Alfa Laval stock is currently down 0.2% at 231.7 Swedish kronor.

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