Report
Mattias Holmberg
EUR 88.68 For Business Accounts Only

Electrolux Professional (Buy, TP: SEK41.00) - No dirty laundry

Although uncertainty remains as some regions go back into lockdown, the Q3 report showed strength. September and October sales have improved from previous months. The order book was roughly flat YOY at end-Q3, and the significant customer destocking in US Laundry during Q2–Q3 has now ended. After minor estimate revisions, we are 10–16% above consensus 2021–2022e adj. EBIT. We reiterate our BUY and have raised our target price to SEK41 (40), reflecting a 2022e EV/EBIT of 11x (a 30% discount to Middleby’s and Welbilt’s NTM five-year averages).
Underlying
Electrolux Professional

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Mattias Holmberg

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