Systemair (Buy, TP: SEK90.00) - Take a deep breath
Q1 was strong (14% above our forecast on adj. EBIT); we have raised our average adj. EBIT estimates by c3% for 2023–2025. The Systemair share price has fallen by c23% since the Q4 report in early June, while we see potential for solid earnings growth, along with a valuation currently c20–25% below average historical levels. We reiterate our SEK90 target price, but have upgraded to BUY (HOLD), given the upside potential is now c35%.
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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