Nibe Industrier (Hold, TP: SEK94.00) - Underlying EBIT not good enough
Nibe’s Q4 adjusted EBIT was in line with consensus, but was clearly helped by an exceptionally strong FX gain; excluding FX, Nibe missed our EBIT expectation and consensus by c9%. Demand remains strong, but the underlying performance is not on a par with our forecasts. We have cut our EPS estimates by c3% for 2022–2023. We reiterate our HOLD, but have lowered our target price to SEK94 (100).
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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