Electrolux Professional (Buy, TP: SEK37.00) - Estimates cut but target price raised
We have cut our 2020e EBIT significantly and 2021–2022e EBIT by 7–8% (due to Q2e and FX). However, we reiterate our BUY and have raised our target price to SEK37 (32), having rolled our valuation base over from 2021e to 2022e and peers have re-rated. Our new target price is based on a 2022e EV/EBIT of 10x (previously 9.5x on 2021e), still corresponding to a 35% discount to the Middleby and Welbilt 5-year average.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.