Lindab International (Buy, TP: SEK215.00) - Set for final inventory adjustments
Lindab is due to report Q4 results at 07:40 CET on 9 February. We estimate -2% YOY organic growth and margins affected by temporary inventory adjustments in Q4. We have reduced our 2022–2024e adj. EBIT by 4% on average, and in turn our target price to SEK215 (220), while we reiterate our BUY.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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