Electrolux Professional (Hold, TP: SEK55.00) - On course for solid Q1
We have increased our 2023e sales and adj. EBIT by 2% and 4%, respectively, as demand seems to be holding up better than we previously expected. For Q1, we believe de-stocking by distributors in the US could have a slightly negative impact on Food & Beverage margins. We are roughly in line with consensus on Q1e sales and adj. EBIT, but we believe consensus 2023e EPS could come down slightly on higher net financial items assumptions. We reiterate our HOLD but have raised our target price to SEK55 (50).Electrolux Professional publ AB. Electrolux Professional publ AB is a Sweden-based company engaged in the production of household appliances and appliances for professional use. The Company provides commercial kitchens, beverage and laundry solutions. The Company operates through two reportable segments: Food & Beverage (F&B), which includes ovens, cooking ranges, refrigerated cabinets, chillers and dishwashing equipment, as well as specialty accessories and consumables, and Laundry, which includes commercial washers, tumble dryers, drying cabinets, ironers and related specialty accessories and consumables. The Company serves a wide range of customers, including companies in the hospitality industry, as well as various other types of businesses and institutions 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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