Nibe Industrier (Buy, TP: SEK100.00) - On track
We reiterate our BUY recommendation and have raised our target price to SEK100 (92) following NIBE’s Q1 report, which we believe supports our investment case of a long-term growth story from increased penetration of heat pumps and M&A, improving margins from price rises, higher profitability in recently acquired units, and a turnaround in the US heat pump market. We also see higher oil prices supporting demand for heat pumps.
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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