Dometic (Buy, TP: SEK102.00) - Markets set to improve
We reiterate our BUY and have raised our target price to SEK102 (95). In our opinion, management comments on Q3 support our view of a return to growth in H2, while consensus is -3%, and we note the restructuring programme is on track, with SKUs cut by 39% YOY. We see market weakness easing and believe Dometic is still well placed to deliver on its transformation journey and to improve margins, not reflected in 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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