Nibe Industrier (Hold, TP: SEK62.00) - Navigating in the dark
Nibe’s Q4 adj. EBIT was in line with consensus. However, the pace of the heat pump market slowdown increased towards end-2023 (according to Nibe) and we are somewhat concerned by how surprised Nibe is by this trend. We remain cautious given the negative earnings growth for 2024e, high valuation and margin contraction risk (from high inventories and lower volumes). We reiterate our HOLD and SEK62 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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