Dometic (Buy, TP: SEK110.00) - Short-term risk apparent, medium-term upside potential significant
We have cut our 2022–2024e EPS by c22% on average in light of numerous weak consumer-related datapoints. We see a clear risk of muted demand for Dometic’s products towards the end of 2022 and into 2023, but believe this is more than priced in, and that the medium- to longer-term case remains compelling. We reiterate our BUY, but have cut our target price to SEK110 (150).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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