Dometic (Buy, TP: SEK96.00) - Minor changes ahead of results
We expect SEK8,095m of Q2 sales with -12% organic growth YOY and adj. EBIT of SEK857m. We believe Marine will continue to show resilience in Q2 while YOY comparables for the Americas (mostly RV) become easier as we move towards end-2023. We have made minor (1% on average for 2023–2025 adj. EBIT) estimate changes, and reiterate our BUY and SEK96 target price.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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