Lindab International (Buy, TP: SEK212.00) - Few surprises – limited changes
The Q4 results were broadly in line with our estimates, with stronger organic growth but weaker margins than we expected. We have made only minor changes to our estimates, reducing our 2023–2024e adj. EBIT by 1.8% on average. While the coming quarters look set to be tough, we believe this is more than reflected in the share price. We reiterate our BUY but have lowered our target price to SEK212 (215).Lindab International develops, manufactures, markets, and distributes products and system solutions in steel for construction and improved indoor climate. Co.'s segments are its three business areas: Ventilation, which cover Co.'s ventilation and indoor climate operations; Building Components, which provides the construction industry with systems for roof drainage, lightweight construction and roof and facade solutions in steel; and Building Systems, which produces and sells preengineered steel building systems. Co.'s primary markets are Sweden, Denmark, the U.K., Norway, Germany, Russia, France, Belarus, Poland and Finland.
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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