Nibe Industrier (Hold, TP: SEK82.00) - US residential recovery on horizon
We like the long-term NIBE growth story, driven by M&A and structural growth for heat pumps. In addition we expect growth in Climate Solutions to pick up following newly reinstated tax incentives in the US. Short-term, however, we see pressure on earnings as a result of higher input costs and a tough comparable this quarter from a calendar effect in Q1 2017. We reiterate our HOLD and have raised our target price to SEK82 (80).
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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