Nibe Industrier (Hold, TP: SEK108.00) - Upside potential in energy prices
We reiterate our HOLD but have cut our target price to SEK108 (115) and our 2021–2022e adj. EBIT by 3–2%. We see upside potential to heat-pump demand from higher energy prices, as investment decisions depend on the economic benefits. If energy prices remain at current highs, we could see greater penetration rates in regions in which gas and oil heating are common such as North America, Germany, and the UK. We are 3% below consensus on Q3 adj. EBIT.
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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