Systemair (Hold, TP: SEK70.00) - Russia risk remains
Systemair’s Q4 EBIT adj. was in line with our forecast (c9% above consensus) on strong growth (especially in Russia) but a weaker than expected margin. We have raised our growth estimates for the group but lowered our margin forecasts. We have made limited (c1%) estimate changes for 2021–2024 EPS but cut our target price to SEK70 (75) as our peer valuation (one-third of our overall valuation) has come down recently. We see continued risk in the Russian business and 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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