Nobia (Hold, TP: SEK29.00) - Headwinds building
We have lowered our sales by 2% for 2022e and 9% for 2023e on the weaker consumer demand and residential construction outlook. Also, we have cut our 2022e adj. EBIT margin to 5.4% to reflect the cost inflation the company is facing. We expect Q2 margins (primarily in the Nordic division) to be affected by higher costs, which likely had a negative mix effect. Following a change of analyst, we have cut our target price to SEK29 (83) on a changed macro climate since our latest update and lower valuation on higher interest rates, and have downgraded to HOLD (BUY).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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.