Nobia (Buy, TP: SEK87.00) - Cooking up a recovery
We expect Nobia to benefit from continued interest in home improvements in all its markets with the most potential upside in the UK, which in Q1 was severely hampered by pandemic lockdowns. Although Q1 adj. EBIT was 11% above consensus, our estimates are broadly unchanged as we are 4–12% above consensus for 2021–2023e. We reiterate our BUY and have lifted our target price to SEK87 (76) on a higher valuation (using a 2022e P/E of 11.9x, in line with its 5-year NTM average).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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