Electrolux Professional (Hold, TP: SEK71.00) - Mixed conditions, but overall stable
In Q3, we expect largely similar market and divisional dynamics as in Q2, but positive organic growth for the US Food & Beverage segment now looks more likely on growing chains and institutional customer demand looking set to improve. We forecast group Q3 sales growth of 4.4% YOY and an adj. EBITA margin of 11.7%, and reiterate our HOLD with a reduced target price of SEK71 (73) due to increased FX headwinds and lower 2024–2025e Tosei sales.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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