Nobia (Hold, TP: SEK8.50) - Financial position still uncertain
We have reduced our 2023e EBIT by 17% on our lower margin assumptions for the UK. For 2024–2025e, our sales are roughly unchanged, but we have decreased our adj. EBIT by 15–7%, mainly on our lower margin assumptions for the UK and the Nordics. With no closing of the sale-and-leaseback of the Jönköping factory announced yet, we still see its financial position as uncertain. While the stock is valued at historically low levels, we reiterate our HOLD but have cut our target price to SEK8.5 (12).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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