Nibe Industrier (Hold, TP: SEK75.00) - Not out of the woods yet
Overall, Q3 was in line with consensus, beating our estimate by c6% on adj. EBIT, driven by strong margins. However, Nibe’s inventories have been rising while the European heat pump market continues to slow and competitors continue to expand capacity, which might put pressure on Nibe’s future margins. Management said that one or more quarters ahead might see lacklustre growth and that Q3 partly reflected this (indicating a further slowdown ahead). We have made minor estimate changes, and reiterate our SEK75 target price and HOLD as we remain cautious.
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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