Report
Douglas Lindahl
EUR 476.25 For Business Accounts Only

Dometic (Buy, TP: SEK100.00) - US RV trough probably behind us

Q4 is a small quarter, but overall was below our estimates and consensus, driven by weaker than expected organic growth and margins. We have cut our 2024–2025e adj. EBIT by c6% on average and have lowered our target price to SEK100 (105). The US RV OEM trough has seemingly passed and sales in Service and Aftermarket (including within Marine) continue to improve. We reiterate our BUY.
Underlying
Dometic Group AB

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Douglas Lindahl

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