Electrolux Professional (Hold, TP: SEK63.00) - Solid Q1 driven by strong margins
We have raised our 2022e adj. EBIT by 9% on a better than expected Q1, and believe the strong Q1 margins imply lower downside risk to profitability throughout 2022. Further price increases are due to come in on 1 May, and the company expects them to fully compensate for the higher costs on a full-year basis for the year. We reiterate our HOLD but have cut our target price to SEK63 (67) on rising interest rates and macroeconomic uncertainties.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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