Epiroc AB Ordinary Shares - Class A

EPI A: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 291.00	Txcpzx	Mwbqcwfptx

Epiroc's Installed Base Provides Large Service Opportunities; Raising Fair Value Estimate to SEK 165

Matthew Donen

Dec 6, 2023

Business Strategy and Outlook

Epiroc has managed to enjoy superior operating metrics and greater resilience than competitors within the mining supply chain through its track record of innovative mining solutions. By specializing in niche equipment, which has high aftermarket requirements, Epiroc is less dependent on uncontrollable and cyclical factors such as commodity prices to drive demand. Differentiation in drilling equipment and underground trucks has been achieved through specialized knowledge via investment into research and development, or R&D, and strong customer relationships.

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