Olof Larshammar
EUR 83.43 For Business Accounts Only

Nibe Industrier (Hold, TP: SEK180.00) - Pumped up

Besides the long-term growth story from higher penetration rates of heat pumps and M&A, our investment case is based on improving margins from price increases and higher profitability in recently acquired units. However, we still struggle with the valuation and retain our HOLD while raising our SEK180 (138) target price as we roll our valuation base to 2021e.
Nibe Industrier

DnB Markets
DnB Markets

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.


Olof Larshammar

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