Dometic (Buy, TP: SEK98.00) - All eyes on cash flow and net debt
In the Q4 report (due on 27 January) we will focus on cash-flow generation and comments on keeping or cutting the dividend payment for 2022. We have updated our model and now include an earn-out in Q2 2023 while we have incorporated 2024e into our valuation. We reiterate our BUY and SEK98 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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