Systemair (Hold, TP: SEK85.00) - On the right margin path
Systemair’s gross margin gains reinforce our confidence in profitability from here. However, our 2024/25–2026/27 adj. EBIT forecasts are largely unchanged post-Q1, with lower top-line estimates broadly offset by higher margin assumptions. We reiterate our HOLD and SEK85 target price, with the valuation looking fair, minimal differences between our estimates and consensus, and the market already pricing in expectations of improving market dynamics and expanding margins.
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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