Nibe Industrier (Hold, TP: SEK275.00) - Ambitious M&A factored in
We forecast continued solid organic growth of 4% YOY for Q4 versus consensus of 1%. However, for 2021, we estimate a 5% FX headwind, while we believe the share price factors in ambitious M&A growth above NIBE’s track record. Although we like the long-term growth story and believe we may have placed too much weight on the short-term risk from rising refrigerant prices, we see little upside potential in the share price; we reiterate our HOLD, but have raised our target price to SEK275 (245).
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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