Electrolux Professional (Hold, TP: SEK67.00) - Counteracting cost inflation
The market recovery continued in Q4, with margins better than expected, driven by higher volumes and cost savings. The orderbook was at a record high but somewhat inflated by demand pulled forward ahead of price increases and longer lead times. Cost inflation is still outpacing price increases, and management expects the net headwind to increase in Q1. We have lifted 2022e sales by 1% and lowered adj. EBITA by 3%. We reiterate our HOLD and SEK67 target price.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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