Nibe Industrier (Buy, TP: SEK92.00) - Market and margins set to improve
We have upgraded our recommendation to BUY (HOLD), with a new target price of SEK92 (82). Apart from the long-term growth story from a higher penetration rate of heat pumps and M&A, our investment case is based on improving margins from price rises, higher profitability in recently acquired units and a turnaround in the US heat pump market. In addition, we see support to demand for heat pumps from higher oil prices. Our 2018–2020e EBIT forecasts are ~8–13% above SME Direkt consensus.
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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