Nibe Industrier (Hold, TP: SEK104.00) - Strong growth but margin pressure
A strong order backlog, improved delivery capabilities, price hikes, and favourable FX have prompted us to raise our 2022–2024e sales by c5.6%, while we have cut our average EBIT margin during the same period by c30bp due to cost inflation and mitigating difficulties. The valuation has increased since our last update (leading to a positive impact on our target price). Overall, we have raised our 2022–2024e adj. EPS by an average of 3.6%, and our target price to SEK104 (94), while 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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