Electrolux Professional (Hold, TP: SEK59.00) - Business as usual
We have slightly raised our 2023e sales and adj. EBITA by 1%, on the back of FX, ahead of the Q3 results due at 08:00 CET on 27 October. We expect still-robust demand in Laundry in Q3 and solid overall demand in Food & Beverage, despite somewhat weaker demand in the US in the quarter. We reiterate our HOLD, but have lowered our target price to SEK59 (65) on valuation.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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