Nibe Industrier (Hold, TP: SEK85.00) - Heat pump order intake uncertainty
Overall, Q2 missed expectations somewhat. We believe Climate Solutions’ order backlog is depleting, YOY price changes are fading, and heat pump order intake is uncertain in many European countries. However, we are positive on heat pump demand longer-term. We reiterate our HOLD but have cut our target price to SEK85 (125) to reflect peer multiples and our estimate changes.
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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