reports
- Douglas Lindahl
Systemair (Hold, TP: SEK105.00) - Closing in on margin target
Q2 2024/25 brought another strong adj. EBIT margin, and the CEO remains confident in overall market conditions. We have raised our 2024/25–2026/27e adj. EBIT by c8% on average, and our target price to SEK105 (85) dafter updating our valuation metrics. However, Systemair tends to see some performance volatility quarter to quarter (partly due to its project nature), and the stock is still trading above historical average multiples; with limited upside potential, we reiterate our HOLD.
- Douglas Lindahl
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.
- Douglas Lindahl
Systemair (Hold, TP: SEK85.00) - Negative mix likely to continue
After a mixed Q4 (which was below consensus but above our forecast on adj. EBIT), we have raised our estimates as we are now slightly more positive on future margins. Given our updated estimates and recently expanded peer multiples, we have raised our target price to SEK85 (78), but reiterate our HOLD. We expect continued negative (YOY) margin trends in Q1 due to mix.
- Douglas Lindahl
Systemair (Hold, TP: SEK78.00) - HOLD on lacklustre outlook
Q3 earnings were well below our estimate and consensus, and we have cut our 2023/24–2025/26e adj. EBIT by c15% on average, and in turn lowered our target price to SEK78 (90). Given the limited upside potential and our view of market conditions in Systemair’s most profitable regions remaining challenging and weighing on earnings, we have downgraded to HOLD (BUY).
- Douglas Lindahl
Systemair (Buy, TP: SEK90.00) - Green shoots
Following the solid Q2 results, we have raised our adj. EBIT estimates by 2% on average for the next three years. Organic growth was stronger than we expected, and management was upbeat on demand ahead given recent order activity. We reiterate our BUY and have raised our target price to SEK90 (86).
- Douglas Lindahl
Systemair (Buy, TP: SEK86.00) - Limited changes ahead of results
Systemair is set to report its Q2 2023/24 results on 7 December (time not known). We estimate Q2 sales of SEK3,090m (in line with consensus), while our 9.8% margin puts us c6% below consensus on adj. EBIT. We have updated our model and lowered our 2023–2025e adj. EBIT by c3% on average, and have thus cut our target price to SEK86 (90). We still see Systemair as a strong growth story to leverage increasing energy efficiency focus globally. We expect robust earnings growth medium- to longer-term, ...
- Douglas Lindahl
- Ole-Andreas Krohn
- Douglas Lindahl
Systemair (Buy, TP: SEK90.00) - Take a deep breath
Q1 was strong (14% above our forecast on adj. EBIT); we have raised our average adj. EBIT estimates by c3% for 2023–2025. The Systemair share price has fallen by c23% since the Q4 report in early June, while we see potential for solid earnings growth, along with a valuation currently c20–25% below average historical levels. We reiterate our SEK90 target price, but have upgraded to BUY (HOLD), given the upside potential is now c35%.
- Alexander Aukner
- Douglas Lindahl
- Helene Kvilhaug Brøndbo
- Joachim Gunell
- Ole-Andreas Krohn
- Patrik Ling
- Douglas Lindahl
Systemair (Hold, TP: SEK90.00) - Growth slowing more rapidly than expe...
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).
- Mattias Holmberg
Still going strong
Although reported EU taxonomy alignment for the sector is low, we have identified which companies screen best and could benefit from attracting ESG capital. We still favour China, mining, energy and aftermarket exposure, and see upside potential to consensus estimates, but view overall risk/reward as neutral on elevated valuation.
ABB ABB LTD.
ELUX B ELECTROLUX AB CLASS B
SAND SANDVIK AB
HUSQ B HUSQVARNA AB CLASS B
ALV AUTOLIV INC.
TREL B TRELLEBORG AB CLASS B
ASSA B ASSA ABLOY AB CLASS B
DOM DOMETIC GROUP AB
LIAB LINDAB INTERNATIONAL AB
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
ATCO A ATLAS COPCO AB CLASS A
EPRO B ELECTROLUX PROFESSIONAL
VWS VESTAS WIND SYSTEMS
HEXA B HEXAGON AB
SYSR SYSTEMAIR AB
EPI A EPIROC AB
VOLCARb VOLVO CARS
BEIJ B BEIJER REF AB
NIBE B NIBE INDUSTRIER AB
Systemair commits to setting science-based targets
Systemair commits to setting science-based targets Press Release, 13 April 2023 Systemair takes another step to mitigate climate change and reduce greenhouse gas emissions, both from its own operations and throughout the value chain. This means a commitment to set scientifically based targets through the Science Based Targets initiative (SBTi). The building sector accounts for almost 40% of global CO2 emissions. Systemair's products play an important part in the energy efficiency of buildings’ heating and ventilation systems and thereby contribute to reduced CO2 emissions. One example ...
Systemair åtar sig att sätta vetenskapligt baserade utsläppsmål (scien...
Systemair åtar sig att sätta vetenskapligt baserade utsläppsmål (science-based targets) Pressmeddelande 13 april 2023 Systemair har höjt sin ambition i det pågående arbetet att minska koldioxidutsläppen från den egna verksamheten såväl som i värdekedjan. Det innebär ett åtagande att sätta vetenskapligt baserade mål genom Science Based Targets initiative (SBTi). Fastighetssektorn står för nästan 40% av de globala koldioxidutsläppen. Systemairs produkter spelar en viktig roll i energieffektivisering av fastigheters värme- och ventilationssystem och bidrar därmed till minskade koldioxid...
Systemair acquires Group SCS
Systemair acquires Group SCS Press Release, 15 March 2023 Systemair AB (NASDAQ OMX Stockholm: SYSR) has acquired UK-based SCS Engineering Ltd, and its subsidiary Smoke Control Services Ltd, together Group SCS. Group SCS is a UK-based leader in smoke control solutions for residential and commercial buildings. With head office in Cardiff, an assembly plant in Dorset and offices in London and Portsmouth, the Group employs 57 FTEs and had revenues of approximately 12 MGBP in 2022. “This acquisition is a great addition to our fire safety offer and provides Systemair with capabilities withi...
Systemair förvärvar Group SCS
Systemair förvärvar Group SCS Pressmeddelande 15 Mars 2023 Systemair AB (NASDAQ OMX Stockholm: SYSR) har förvärvat UK-baserade SCS Engineering Ltd, och dess dotterbolag Smoke Control Services Ltd, tillsammans Group SCS. Group SCS är en ledande leverantör inom produkter för brandgasevakuering för bostäder och kommersiella byggnader i Storbritannien. Med huvudkontor i Cardiff, monteringsfabrik i Dorset och kontor i London och Portsmouth, sysselsätter koncernen 57 heltidstjänster och hade intäkter på cirka 12 MGBP under 2022. “Det här förvärvet är ett bra komplement till vårt brandsäker...
- Douglas Lindahl
- Håkon Astrup
- Ole-Andreas Krohn
- Douglas Lindahl
Systemair (Buy, TP: SEK98.00) - Riding the energy wave
The Q3 report was strong, beating consensus adj. EBIT by 28%. We previously forecast negative organic growth towards the end of 2023/24 (slowing construction in Europe), which we now reverse as Systemair is seeing better demand driven by regulatory changes (energy efficiency support) than we had expected and continues to raise prices (with solid acceptance). Our new estimates incorporate double-digit average EPS growth for 2022/23–2024/25e, and have led us to raise our target price to SEK98 (70)...
Systemair AB Interim Report Q3 2022/23
Systemair AB Interim Report Q3 2022/23 Pressrelease, March 9, 2023 Third quarter, November 2022 – January 2023 Net sales increased by 33.6 percent to SEK 3,043 million (2,278).Organic growth was +22.2 percent (+11.8).Adjusted operating profit was SEK 274 million (131). Operating profit (EBIT) amounted to SEK 277 million (131), including hyperinflation adjustments totalling SEK +3 million.The operating margin was 9.1 percent (5.8).Profit after tax amounted to SEK 170 million (95).Earnings per share (basic) equalled SEK 0.79 (0.47).Cash flow from operating activities amounted to SEK...
Systemair AB delårsrapport Q3 2022/23
Systemair AB delårsrapport Q3 2022/23 Pressmeddelande, 9 mars 2023 Tredje kvartalet, november 2022 – januari 2023 Nettoomsättningen ökade med 33,6 procent till 3 043 Mkr (2 278).Den organiska tillväxten uppgick till +22,2 procent (+11,8).Justerat rörelseresultat uppgick till 274 Mkr (131). Rörelseresultatet (EBIT) uppgick till 277 Mkr (131) och inkluderar justeringar för hyperinflationsberäkning om totalt +3 Mkr.Rörelsemarginalen uppgick till 9,1 procent (5,8).Resultat efter skatt uppgick till 170 Mkr (95).Resultat per aktie före utspädning uppgick till 0,79 kr (0,47)....
Systemair's Interim Report for the third quarter will be presented on ...
Systemair's Interim Report for the third quarter will be presented on March 9 Press Release March 2, 2023 Systemair AB´s (NASDAQ OMX Stockholm: SYSR) Interim Report Q3 for the financial year 2022/23 will be published at 08:00 CET on March 9, 2023. A telephone conference will be held at 09:00 CET on March 9, 2023. The report will be presented by Roland Kasper, CEO, and Anders Ulff, CFO. In order to participate in the telephone conference: Call 010-884 8016 alternative international call 9 and enter code 643665 minutes before start. The presentation will be published on For furt...
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