Dometic (Buy, TP: SEK96.00) - Navigating chopping waters
Q2 was strong despite a difficult market. Adj. EBIT beat our estimate, driven by better-than-expected group profitability and cash flow. However, updated FX and raised net financials mean we have made limited changes to our 2023-25e adj. EPS, and we reiterate our BUY and SEK96 target price. We continue to see an attractive risk/reward, with c20% potential upside.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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