Nobia (Buy, TP: SEK59.00) - Not as bad as it looks
Q4 was affected by two nonrecurring items – SEK66m in pension costs that do not affect cash flow and a SEK88m charge related to the earlier-announced cost-savings programme. Adjusting for these items, EBIT was SEK263m (4% below Factset consensus). The proposed DPS of SEK4.00 was a positive surprise, corresponding to a yield of 8%. Our positive view remains intact and we reiterate our BUY, but have trimmed our target price to SEK59 (60), having lowered our 2020–2021e EBIT by 3%.Nobia is a kitchen company based in Sweden which maintains operations in ten countries. Co. is engaged in the development, manufacture and distribution of interior solutions for kitchens, bathrooms and storage. Co. manufactures and sells complete kitchen solutions through many strong local and international brands, including Magnet in the United Kingdom, HTH in the Nordic region, Hygena in France and Poggenpohl internationally. Sales are generated through specialized kitchen studios, retailers and direct to corporate customers. Co. maintains a portfolio of approximately 19 strong brands sold mainly in Europe, but also worldwide.
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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