Nobia (Hold, TP: SEK28.00) - Costs continue to weigh in Q2
We have raised our 2022e sales slightly following the Q2 report, but cut our EPS by 10% on a higher run-rate for financial items. Group EBIT was hurt by a temporary production stoppage in Portfolio Business Units (PBU), while supply-chain issues and capacity constraints hurt Nordic divisional profits. Nobia said it expects cost inflation to ease in H2, while its cost-savings programme in the UK is on track. We reiterate our HOLD but have cut our target price to SEK28 (29).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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