Nibe Industrier (Hold, TP: SEK295.00) - Solid end to the year
We like the long-term growth story of higher penetration rates of heat pumps and M&A, while there is scope for improving margins from price rises and higher profitability in acquired units. However, we still see short-term risks from a 5% FX headwind in 2021e, and we believe the share price factors in ambitious M&A above NIBE’s track record. In addition, margin potential could be slightly limited by rising refrigerant prices and raw materials inflation in the coming year. We reiterate our HOLD, but have raised our target price to SEK295 (275).
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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