Systemair (Hold, TP: SEK90.00) - Growth slowing more rapidly than expected, balanced risk/reward
The Q4 results were weaker than expected, driven by organic growth below our estimate and consensus, while margins also fell shy of our forecast. We have cut our 2022–2025e adj. EBIT by c7% on average, which has led us to reduce our target price to SEK90 (98). Given our estimate revisions and few positive triggers ahead, we see limited upside potential to our new target price. Thus, we have downgraded to HOLD (BUY).
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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