Nobia is a kitchen company based in Sweden which maintains operations in ten countries. Co. is engaged in the development, manufacture and distribution of interior solutions for kitchens, bathrooms and storage. Co. manufactures and sells complete kitchen solutions through many strong local and international brands, including Magnet in the United Kingdom, HTH in the Nordic region, Hygena in France and Poggenpohl internationally. Sales are generated through specialized kitchen studios, retailers and direct to corporate customers. Co. maintains a portfolio of approximately 19 strong brands sold mainly in Europe, but also worldwide.
  • TickerNOBI
  • ISINSE0000949331
  • ExchangeNasdaq Nordic Stockholm
  • SectorHousehold Goods & Home Construction
  • CountrySweden

Analysts

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Jesper Ingildsen
  • Jon Masdal
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Mattias Holmberg

Nobia (Buy, TP: SEK85.00) - Inching forward

Nobia fared rather well and met consensus in another quarter characterised by challenging end-markets, as both the UK and Nordic kitchen markets declined YOY. We have lowered our 2020–2021e adj. EBIT by 3–4% relating to the UK, but reiterate our BUY and SEK85 target price, which we now base on a 2021e EV/EBIT of 10x.

With a more favourable environment, NOBIA AB improves to Slightly Positive

NOBIA AB (SE), a company active in the Furnishings industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date December 20, 2019, the closing price was SEK 70.00 and its potential was estimated at SEK 73.50.

Karl-Johan Bonnevier ...
  • Mattias Holmberg
  • Ole-Andreas Krohn

Northern Lights

Mattias Holmberg

Nobia (Buy, TP: SEK85.00) - Investing for growth

We are 9% below consensus on Q4e adj. EBIT (results due on 4 February) as the UK trade segment initiatives should continue to hurt profitability near-term while boosting organic growth. We have lifted our 2020–2021e adj. EBIT by an average of 2%, mainly due to FX, and keep our BUY and SEK85 target price.

Mattias Holmberg

Nobia (Buy, TP: SEK85.00) - Inching forward

Nobia fared rather well and met consensus in another quarter characterised by challenging end-markets, as both the UK and Nordic kitchen markets declined YOY. We have lowered our 2020–2021e adj. EBIT by 3–4% relating to the UK, but reiterate our BUY and SEK85 target price, which we now base on a 2021e EV/EBIT of 10x.

Mattias Holmberg

Nobia (Buy, TP: SEK85.00) - Investing for growth

We are 9% below consensus on Q4e adj. EBIT (results due on 4 February) as the UK trade segment initiatives should continue to hurt profitability near-term while boosting organic growth. We have lifted our 2020–2021e adj. EBIT by an average of 2%, mainly due to FX, and keep our BUY and SEK85 target price.

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior