Dometic (Buy, TP: SEK96.00) - Cash and margin resilience
We estimate Q3 sales of SEK7,254m and adj. EBIT of SEK792m (adj. EBITA of SEK942m). We expect solid cash flow generation and net debt/EBITDA of 3.0x (3.2x in Q2). We have raised our 2023–2025e adj. EBIT by c2% on average, and reiterate our BUY and SEK96 target price. The Q3 results are due on 26 October (time not known), with a conference call at 10:00 CET.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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