Report
Christer Magnergård
EUR 461.03 For Business Accounts Only

Husqvarna (Buy, TP: SEK95.00) - Set for professional products boost

With the stay-at-home effect driving Gardena earnings in Q2, we believe a pick-up in demand for professional products, as well as for consumer products in the US, will likely be the main earnings growth driver in the coming quarters. Despite tough comparables for Gardena, we still see solid earnings growth potential for 2021–2022. We reiterate our BUY and SEK95 target price following the Q2 results.
Underlying
Husqvarna AB Class B

Husqvarna AB produces outdoor power products. Products include: robotic lawn mowers, chainsaws, handheld petrol-powered products such as clearing saws and trimmers, garden tractors, and lawn mowers. Co. is also engaged in providing consumer watering products, cutting equipment and diamond tools for the construction and stone industries. Co.'s products and solutions are sold via dealers and retailers. Co. has three business areas: Europe & Asia/Pacific and Americas, which provide forest, park and garden products to dealers and retailers in Europe and Asia/Pacific, and in North and Latin America, respectively; and Construction, which provides light construction products and diamond tools.

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
Christer Magnergård

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