Lindab International (Buy, TP: SEK238.00) - Another strong quarter
Lindab continues to prove its positive qualities, with strong margin resilience in a tough market. CEO Ringdahl has initiated cost-cutting measures and stated that Ventilation had positive YOY organic growth in June (we, however, remain conservative in our growth estimates). We still like the direction in which Lindab is heading, while its markets remain tough. We have raised our adj. EBIT for 2023–2025e by c2% and our target price to SEK238 (235) as 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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