Dometic (Buy, TP: SEK130.00) - Ready for a year of execution
We reiterate our BUY and have lifted our target price to SEK130 (128) as we expect profitability to shift to the next level at which investors could assign a higher valuation. We view Dometic as well-positioned to execute on its strategy in 2021e as: 1) easy comparables in H1 usher in solid organic growth; 2) we forecast a healthy drop-through to EBIT and some additional SEK100m in restructuring savings; and 3) it enjoys higher ASPs and lower cost on new products.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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