<div id="readability-page-1"><div><p>Bank of America has compiled a list of European engineering companies for 2026, with a few favorites and a few that can be avoided. The list includes a number of Swedish companies.</p><p>BofA expects strong capex investments to broaden with a European short-cycle and construction recovery in 2026, driving EPS growth of 19 percent. The sector's valuation of 13 times EV/EBITA is considered attractive despite a premium to the 2010–2019 average. Siemens and Siemens Energy are the most convincing among the stocks on the list. </p><p>In the large-cap segment, Volvo, Siemens, Siemens Energy, and Schneider Electric are highlighted as attractive choices. In the small- and mid-cap segment, SKF, Nibe, Wärtsilä, Weir, and Kion are favored. Among the stocks to avoid are Alfa Laval, Assa Abloy, Epiroc, Traton, Trelleborg, and Vestas. </p><p>Assa Abloy, Epiroc, Alfa Laval, and Vestas are recommended as underperformers due to weaker prospects in their respective end markets. Assa Abloy is expected to be weighed down by continued weak US housing construction in the first half of 2025, while Epiroc is expected to face margin pressure that is not reflected in its valuation. Alfa Laval is expected to see lower order intake from the marine sector, and Vestas is affected by political and tariff-related uncertainty in the US.</p><p>Siemens, Siemens Energy, Schneider, and Volvo receive a buy recommendation due to strong thematic and cyclical drivers. Volvo is highlighted for a bottoming out in trucks and the benefit of US tariffs.</p></div></div>

沃尔沃(ADR)

<p>美国银行建议购买沃尔沃、西门子、西门子能源和施耐德电气，原因是这些公司受益于强劲的主题和周期性驱动因素。沃尔沃受益于美国关税和卡车市场的触底反弹。阿萨阿布洛伊、埃皮罗克、阿法拉伐和维斯塔斯被推荐为表现不佳的公司，原因是市场前景较弱。美国银行预计到 2026 年每股收益将增长 19%，这主要得益于资本支出投资和欧洲建筑业的复苏</p>

沃尔沃在美国银行的 2026 年工程名单中被推荐买入，而 Epiroc 和 Assa Abloy 则被推荐表现不佳