Stock market | The price of Kalmar, which started trading on the Helsinki Stock Exchange on Monday, fell below the opening level.
Helsinki trading in the shares of the new Kalmar company opened on the stock exchange on Monday. Kalmar’s closing price was 26.4 euros.
Kalmar had opened at the level of 30 euros, briefly pushed to 37 euros and then fell below 30 euros.
Kalmar, which split from Cargotec, which makes cargo handling equipment, focuses on making containers and other heavy cargo handling equipment. Cargotec’s closing price on Friday was 47.16 euros.
If if you add up Kalmar’s and Cargotec’s prices, they didn’t deviate terribly from what Friday’s closing price was, says the Handelsbanken analyst who follows the companies Timo Heinonen.
The combined course is approximately 73.56 euros. Last Friday, before the split into two, Cargotec’s B-series share cost 74.95 euros.
“Kalmar ended up at a lower level than I would have expected, while Cargotec ended up a little higher. But that’s my opinion on the matter, and of course the market is always right,” says Heinonen.
Handelsbanken analyst Timo Heinonen
For Heinones, the situation indicates that the market has decided that Hiab is more valuable than Kalmar.
In the end, Hiab, which makes truck lifts, is supposed to remain in Cargotec, because the deck crane operator MacGregor, currently part of Cargotec, is being sold.
In the demerger, the owner has received one Kalmar share with one Cargotec share.
“You have to remember that there are always investors who want to hold on to one and give up the other. It was probably clear now that they wanted to stick with Hiab and give up Kalmar. It will be interesting to see what happens to stock prices in the next few days.”
Heinonen himself thinks that the difference between the shares will close in the future. According to him, the valuation difference between the companies is too big at the moment.
Heinonen considers Kalmar and Cargotec to be well-focused companies with clear products and services.
He believes that both companies will do better divided than they would have done as part of the old Cargotec.