Nibe Industrier (Hold, TP: SEK125.00) - Climate Solutions shining bright
The Q4 results were impressive. The demand situation and execution (helped by easing bottlenecks) led to a record EBIT margin in Climate Solutions. As we include the strong Q4 figures and become more positive on the growth prospects and operating leverage for Climate Solutions, we have raised our adj. EBIT estimates by double-digits and have increased our target price to SEK125 (105). 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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