Electrolux Professional (Buy, TP: SEK54.00) - Well placed for demand recovery
We are 33% below consensus on Q1e adj. EBITA (albeit from a low base), with the deviation mainly relating to non-operating items, FX and a tough start to the year. However, we reiterate our BUY and have raised our target price to SEK54 (50) after lifting our 2022–2023e adj. EBITA by 3–5%. We believe the company will be a clear beneficiary of the roll-out of coronavirus vaccines, with a rapid recovery in demand in countries that have started to reopen, which we believe should result in the shares outperforming the market near-term.
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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