Nibe Industrier (Hold, TP: SEK100.00) - Solid Q2; preparing for H2
The Q2 results revealed solid growth fundamentals and an EBIT beat. Apart from the long-term growth story from higher penetration rate of heat pumps and M&A is based on improving margins from price rises, healthier profitability in recently acquired units. We also see higher oil prices supporting demand for heat pumps. However, we believe this is already priced into the shares, and reiterate our HOLD and SEK100 target price.
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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