Dometic (Buy, TP: SEK100.00) - Recovery taking time
Overall, Q1 was below consensus, driven by surprisingly weak performance for Land Vehicles Americas where Dometic said the competitive environment was tough. We have cut our 2024–2026e adj. EBIT by c3% on average and reduced our target price to SEK100 (105). We reiterate our BUY, seeing c25% upside potential from the current share price to our target price, but have pushed a recovery out in time.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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