Systemair (Hold, TP: SEK70.00) - Price increases to continue in 2023e
Q2 adj. EBIT was in line with our estimate and consensus, driven by stronger than expected organic growth. We have raised our organic growth estimates, including its air conditioning (AC) business deal (which is positive for its margins and balance sheet), and updated our peer valuation. We reiterate our HOLD but have raised our target price to SEK70 (62).
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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