Nibe Industrier (Hold, TP: SEK80.00) - Time to cool off
Following a change of analyst and strong share price performance, we have downgraded our recommendation to HOLD (BUY), while maintaining our target price at SEK80. We like Nibe’s long-term growth story, driven by M&A and structural growth for heat pumps. However, short-term we see pressure on earnings driven by higher input costs, and a continued weak market for Climate Solutions in North America. With ~16% sales exposure to Sweden, we see risk of current angst in the Swedish housing market affecting share price sentiment.
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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