4 models fit Epiroc AB (publ) and they partly agree: 2 of 4 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Bronze44
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionEpiroc AB (publ) (EPI-A.ST)
Fair value (4 models)
kr 129
ACCE price target
kr 247
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: kr 251 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
94.4% above
-48.6% to fair value
ACCE score
58
out of 100
P/E
34.3x
forward 30.0x
1-year return
+12.9%
Dividend yield
1.53%
Epiroc AB (publ) in four questions
Plain answers, details below
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Overview
ACCE thesis
Epiroc makes underground mining equipment, including drill rigs, loaders and trucks, plus rock tools and aftermarket parts, and sells them to miners worldwide. Its moat sits in the installed base: once a mine standardises on Epiroc rigs and consumables, the recurring parts and service revenue is sticky and carries a 35.7% gross margin. Growth is tracking at 10.4%, and the near-term driver is the shift toward battery-electric and automated underground fleets, which lets Epiroc sell higher-priced machines and digital systems into a replacement cycle. At 29.6x forward earnings and a 21.2% return on equity, the market is already paying a premium for that quality, so the question for a deeper look is whether the 19.9% operating margin can hold as the mix shifts toward new technology.