Electrolux Professional (Buy, TP: SEK50.00) - Never gonna give you up
Electrolux Professional’s Q4 report was below our forecast and consensus. As we expected, the strength of Laundry had not been understood by the market but this was more than offset by very weak Food & Beverage – affected by lower cost-savings in addition to lower volumes. We have cut our adj. EBIT for 2021e by 16% and 2022e by 4%, as we now expect a somewhat slower recovery. We reiterate our BUY and SEK50 target price.
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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