Systemair (Hold, TP: SEK90.00) - Margin volatility
After updating our model for the weaker Q3 results than forecast, we have reduced our 2024/25–2026/27e adj. EBIT by c9% on average as we expect lower profitability. We have cut our target price to SEK90 (105) and reiterate our HOLD on limited upside potential. While we expect improving organic growth, we have low confidence in the margin target (10% on EBIT) due to the margin volatility, and find the valuation fair.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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