Electrolux Professional (Buy, TP: SEK40.00) - Recovering faster than expected
The recovery seems to be materialising faster than we expected, with the end-Q2 order book up YOY, and Food & Beverage (F&B) EBITA back in the black in June after the losses in April–May. We reiterate our BUY and have raised our target price to SEK40 (37) after lifting our 2020e adj. EBITA by 22% (from a low base; 2021–2022e are broadly unchanged). Our target price is based on a 2022e EV/EBIT of 11x (previously 10x), a 30% discount to Middleby’s and Welbilt’s 5-year averages.
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.