Lindab International (Buy, TP: SEK250.00) - Even brighter days ahead
For Q4e, we are c2% below Bloomberg consensus on sales and c12% below on adj. EBIT. We have cut our 2023–2025e adj. EBIT by c7% on average (c3%-points due to FX), while we reiterate our BUY and SEK250 target price based on our updated valuation (multiples and DCF rolled forward). We see scope for organic growth in H2 2024e (and beyond) and highlight the c9% FCF yield for 2024–2025e. In the medium to longer term, we believe Lindab is set to benefit from the regulatory trends in the European construction market.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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