Nibe Industrier (Hold, TP: SEK325.00) - Growth case supported, downside from margin pressure
The Q1 report supports our view of a sound long-term growth case from the higher heat pump penetration rates and M&A, alongside the scope from improving margins due to price increases and higher margins in acquired units. However, near-term we see risks from a 4% FX headwind, raw materials headwinds, and ambitious M&A factored in. We have raised our 2021-2022e adj. EBIT by 5-4% and reiterate our HOLD but have raised our target price to SEK325 (300).
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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