Electrolux Professional (Buy, TP: SEK63.00) - A strong ‘reopening’ case
We view Electrolux Professional as a strong post-Covid-19 ‘reopening case’, cemented by management’s upbeat comments with the Q1 results on signs of a recovery. We reiterate our BUY and have raised our target price to SEK63 (54) after lifting our 2021–2023e adj. EBIT by 3–4%. Our target price is now based on a 2022e EV/EBIT of 17x (previously 15x), falling to <15x in 2023e, and c11x if the company hits its margin target.
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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