Nibe Industrier (Hold, TP: SEK52.00) - More optimistic than peers
While management remains positive on H2, data indicating a change in underlying market dynamics appears limited and other heat-pump companies have noted a still-tough market. We have raised our 2024-2026e adj. EBIT by c1% on average and our target price to SEK52 (50), while we reiterate our HOLD given the balanced risk/reward in our view.
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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