Nibe Industrier (Hold, TP: SEK190.00) - Steady as she goes
Besides the long-term growth story from higher penetration rates of heat pumps and M&A, our investment case remains based on improving margins from price rises and higher profitability in recently acquired units. However, with the stock looking fairly valued to us, we reiterate our HOLD but have raised our target price to SEK190 (180).
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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