Lindab International (Buy, TP: SEK235.00) - Far better than feared
The Q1 results beat our estimates and consensus, with organic growth of -5% YOY versus our -10% (no consensus) and an adj. EBIT margin of 8.2% versus our 6.7% and consensus of 7.5%. Ventilation Systems reported solid margins (10.2% on EBIT) despite temporary raw-material headwinds and tough market conditions. Largely on the back of this, we have raised our 2023–2025e adj. EBIT by 10% on average and our target price to SEK235 (212); 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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