Systemair (Buy, TP: SEK98.00) - Riding the energy wave
The Q3 report was strong, beating consensus adj. EBIT by 28%. We previously forecast negative organic growth towards the end of 2023/24 (slowing construction in Europe), which we now reverse as Systemair is seeing better demand driven by regulatory changes (energy efficiency support) than we had expected and continues to raise prices (with solid acceptance). Our new estimates incorporate double-digit average EPS growth for 2022/23–2024/25e, and have led us to raise our target price to SEK98 (70), which offers attractive upside potential; thus, we have upgraded to BUY (HOLD).
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.