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Nibe reported Q2 EBIT 3% below consensus expectations hurt by: fewer working days YOY; recent acquisitions diluting the margin; and ceased subsidies for heat pumps in the US. We have lowered our 2017–2019e EBIT by 2%, but leave our target price at SEK80. We have raised our recommendation to BUY (HOLD) as we believe solid organic growth in H2 will support the shares, which have traded down c20% since the Q1 report on 11 May, offering a good entry point.
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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