Nibe Industrier (Hold, TP: SEK90.00) - Potential upside to Q2 consensus
We have raised our 2021–2022e adj. EBIT by 4-5%, and we are 15% above consensus on Q2 adj. EBIT. We forecast 21% organic growth, driven by continued strong demand in Stoves, with mainland Europe and Nordics driving performance in Climate Solutions. The valuation has been further re-rated YTD and while the long-term growth prospects deserve a significant premium in our view, it would take 12 years for the stock to trade at a P/E of 10x based on historical EPS growth. NIBE is trading at an 9% premium to Beijer Ref. We reiterate our HOLD but have raised our target price to SEK90 (81.3).
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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