Nibe Industrier (Hold, TP: SEK125.00) - Another solid quarter for margins
Q1 EBIT was 6% above consensus and 11% above our estimate in its seasonally smallest quarter. Q1 was another quarter of solid margin execution for Climate Solutions. We have raised our adj. EBIT by c5% on average for 2023–2025e but reiterate our HOLD and SEK125 target price.
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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