Nibe Industrier (Hold, TP: SEK104.00) - Execution and investments
Climate Solutions outperformed high growth expectations in Q1 despite supply chain issues, while underlying profitability was more in line with our forecast. We have raised our 2022–2024e adj. EBIT by an average of c5%, but also increased investment estimates. These changes offset the valuation drop since our last update; thus, our target price is unchanged at SEK104 and we reiterate our HOLD.
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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