Nibe Industrier (Hold, TP: SEK245.00) - Heating up but already pumped
We reiterate our HOLD but have cut our target price to SEK245 (250) following a change of analyst. We still believe the long-term fundamentals are in place for organic growth, but see a risk of lower demand in light of declining energy prices. The challenge for NIBE is to find large-enough targets to maintain its level of M&A growth, and we believe market expectations of medium-term M&A are high and above the historical average of adding 11% of sales.
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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