Electrolux Professional (Buy, TP: SEK40.00) - Set for solid earnings beat in Q3e
We are 25% above consensus on adj. EBITA for Q3e (results due on 30 October) as we expect a continued recovery with support from: 1) the end-Q2 order book being up YOY; 2) Food & Beverage (F&B) seeing a continued positive earnings trend, where EBITA was back in the black in June after the losses in April–May; and 3) some deliveries being delayed from H1 to H2. We reiterate our BUY and SEK40 target price with broadly unchanged estimates. Our target price is based on a 2022e EV/EBIT of 11x, 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.
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