Systemair (Hold, TP: SEK62.00) - Clouds on the horizon
We have lowered our sales and earnings estimates and have cut our target price to SEK62 (70) after the Q1 report. However, the estimate revisions were not triggered by the results, but are due to our increasing concern regarding the new construction cycle in Europe because of rising interest rates. We expect lower construction activity for 2023e although we believe this is partly offset by the backlog and renovation exposure. The Russian business remains a risk in our view. We reiterate our 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.
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