Nobia (Buy, TP: SEK83.00) - Well placed for 2022e
Following Nobia’s Q3 report, we reiterate our BUY but have trimmed our target price to SEK83 (84). The Nordic and Central European kitchen markets remain strong with demand above pre-pandemic levels. UK sales were still >10% below 2019 levels in Q3, hurt by a shortage of installers and drivers. Supply chain disruptions and inflationary pressure had a large impact in Q3, but Nobia has introduced price increases that it expects to materialise in Q4. We see Nobia as well placed going into 2022e with upside potential from a normalisation in the UK, solid demand in the Nordics and Central Europe, and the effect from the price increases.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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