Dometic (Buy, TP: SEK110.00) - On a growth and margin journey
We initiate coverage with a BUY and SEK110 target price. Our investment case is based on Dometic making efficiencies and improvements in production as well as strong cash flow generation allowing for further M&A, which should drive growth and leave the company less dependent on the recreational vehicle (RV) market. Our 2019–2021e EBIT is 1–9% above consensus.Dometic Group AB serves the market with a range of air conditioners, refrigerators, awnings, cookers, sanitation, lightning, mobile power equipment, windows, doors and other comfort and safety products. The products are sold in approximately 100 countries and are mainly produced in wholly owned production facilities around the world.
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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