Dometic (Buy, TP: SEK98.00) - Substantial upside potential in the medium term
We have updated our model ahead of the Q3 results, cutting our 2022–2024e adj. EPS by 3% on average. Our new estimates assume a bleaker outlook for 2023, while we still see significant upside potential medium- to longer-term. We also consider Dometic better prepared than ever for a potential recession. We reiterate our BUY but have lowered our target price to SEK98 (106).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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