Nibe Industrier (Hold, TP: SEK105.00) - Bottlenecks easing
Q3 EBIT was 3% above consensus and 7% above our estimate. Management made positive comments on continued strong demand for Climate Solutions and a gradual improvement in supply issues. We have updated our model to reflect the Q3 results and raised our 2022–2024e adj. EBIT by c5% on average. Thus, we have raised our target price to SEK105 (100) but reiterate our HOLD. While we expect continued strong growth, we see limited upside potential due to a stretched valuation and increasing competition.
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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