Electrolux Professional (Hold, TP: SEK70.00) - River deep, mountain high
After a period with demand greatly affected by the pandemic, we believe Electrolux Professional could be back at 2019 sales level by Q3. We believe its strong post-Covid-19 ‘reopening case’ was cemented by management’s upbeat comments on the market recovery. However, this is reflected in our estimates, which are broadly unchanged, and at a 2022e EV/EBIT of 17x, we view the valuation as fair. We reiterate our HOLD but have lifted our target price to SEK70 (66), based on a blended 2022–2023e EV/EBIT of 17x.
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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