Nibe Industrier (Hold, TP: SEK300.00) - Upside from Stoves in Q1
Ahead of the Q1 report, we have raised our 2021–2022e adj. EBIT by 3–2% and our target price to SEK300 (295), but we reiterate our HOLD. NIBE has de-rated versus HVAC peer Beijer Ref, offering slight re-rating potential. However, while we still like the long-term growth story, we believe solid performance in 2021 is well reflected in consensus. We believe Europe will remain the main growth driver of Climate Solutions and higher Nordic replacement demand could start to kick in 2021e.
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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