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ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm

The Capital Goods Data Miner - May 2024

Our key long ideas are: Alfa Laval, Hexagon, Metso, Sandvik, Volvo. We are cautious on: Autoliv, Nibe, Wärtsilä

ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm

Heat pump market turned even colder

2024 started weaker than expected (adj. EBIT -71% y-o-y), '24e-'26e adj. EBIT down 4-2%; -4% CAGR '23-'26e, keep SELL, TP SEK 40 (40)

 PRESS RELEASE

Annual General Meeting of NIBE Industrier AB

Annual General Meeting of NIBE Industrier AB The Annual General Meeting of NIBE Industrier AB (publ) was held on Thursday, May 16, 2024, at NIBE’s new wood stove factory in Markaryd. DividendThe AGM approved the Board’s proposal to pay a dividend of SEK 0.65 per share. The record date for the payment of the dividend is May 20, 2024. Members of the BoardEva Karlsson, Gerteric Lindquist, Hans Linnarson, Anders Pålsson and Eva Thunholm were re-elected to the Board and James Ahrgren and Camilla Ekdahl were newly elected. Hans Linnarson was re-elected as the Chairman of the Board. Auditors...

 PRESS RELEASE

Årsstämma i NIBE Industrier AB

Årsstämma i NIBE Industrier AB Torsdagen den 16 maj 2024 hölls årsstämma i NIBE Industrier AB (publ) i NIBEs nya brasvärmefabrik i Markaryd.  UtdelningStämman beslutade i enlighet med styrelsens förslag att utdelning lämnas med 0,65 kronor per aktie. Avstämningsdag för aktieutdelning är den 20 maj 2024. StyrelseledamöterTill styrelseledamöter omvaldes Eva Karlsson, Gerteric Lindquist, Hans Linnarson, Anders Pålsson och Eva Thunholm samt nyvaldes James Ahrgren och Camilla Ekdahl. Till styrelseordförande omvaldes Hans Linnarson. RevisorerTill revisorer för tiden till slutet av årsstämma...

ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
 PRESS RELEASE

Svagt första kvartal

Svagt första kvartal Stora lagerneddragningar i distributionsleden, fortsatt höga räntor och unikt låg bostadsproduktion – successiv förbättring av efterfrågan förväntas under andra halvåret.    Omsättningen minskade med 18,5% till 9 494 Mkr (11 646 Mkr) Justerade rörelseresultatet uppgick till 516 Mkr (1 755 Mkr) Justerade resultatet efter finansnetto uppgick till 184 Mkr (1 654 Mkr) Vinsten per aktie justerad för jämförelsestörande poster uppgick till 0,02 kr (0,63 kr) Översyn av kostnadsmassan på grund av den svaga efterfrågan på den europeiska värmepumpsmarknaden under inledningen av...

 PRESS RELEASE

Weak first quarter

Weak first quarter Large reductions in inventories at distributors, continued high interest rates and unusually low level of housing production – gradual improvement in demand expected in the second half of the year.    Sales decreased by 18.5% to SEK 9,494 (11,646) million Adjusted operating profit amounted to SEK 516 (1,755) million Adjusted profit after net financial items amounted to SEK 184 (1,654) million Earnings per share adjusted for items affecting comparability amounted to SEK 0.02 (0.63) Review of total costs as a result of weak demand in the European heat pump market a...

 PRESS RELEASE

Swedish Corporate Governance Code

Swedish Corporate Governance Code Following the sudden media debate in recent days, the shareholders named below, in consultation with the Board of Directors, have agreed on the following:  NIBE Industrier AB’s Board of Directors will shortly establish a Remuneration Committee and an Audit Committee. In addition, we will ensure that NIBE Industrier AB has a Nomination Committee, with representatives of the major institutional owners, in good time for the 2025 Annual General Meeting.  Markaryd, Sweden, May 15, 2024 Gerteric Lindquist, Managing Director and CEO of NIBE Industrier AB, repre...

 PRESS RELEASE

Svenska bolagsstyrningskoden

Svenska bolagsstyrningskoden Efter de senaste dagarnas plötsligt uppkomna mediala debatt har nedanstående aktieägare i samråd med styrelsen enats om följande;  NIBE Industrier ABs styrelse kommer inom kort att inrätta en ersättningskommitté och en revisionskommitté. Vidare kommer vi att tillse att det i god tid inför Årsstämman 2025 finns en valberedning i NIBE Industrier AB med representanter även för de större institutionella ägarna.  Markaryd den 15 maj 2024 Nuvarande och tidigare styrelseledamöter och ledning genom Gerteric Lindquist, CEO i NIBE Industrier AB Familjen Schörl...

ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist

Ready for a return to growth

In-line earnings, strong FCF, growth in Q2, '24e-'26e EBITA up 2-4%; 10% CAGR '23-'26e, keep HOLD, TP SEK 170 (165)

Douglas Lindahl
  • Douglas Lindahl

Beijer Ref (Hold, TP: SEK156.00) - Building (cash flow) confidence

We have increased our cash flow estimates but have made moderate underlying forecast changes after the Q1 report. Inclusion of recent M&A and updated FX has led us to raise our adj. EBITA by c3% on average for 2024–2026e. We have raised our target price to SEK156 (152) due to our model changes and updated peer multiples. We reiterate our HOLD and see limited upside potential given the valuation seems on the high side.

 PRESS RELEASE

Publication of NIBE Industrier's Annual Report for 2023

Publication of NIBE Industrier's Annual Report for 2023 The Annual Report for NIBE Industrier for 2023 is now available on the website, The complete annual report is sent to all shareholders who have informed the company that they wish to receive written information.  For more information: Gerteric Lindquist, CEO and Hans Backman, CFO; +46 (0) 433-27 30 00 This press release contains information that NIBE Industrier AB (publ) is obliged to make public pursuant to the Swedish Securities Markets Act. This information was submitted by the contact persons above for publication on15 Ap...

Douglas Lindahl
  • Douglas Lindahl

Beijer Ref (Hold, TP: SEK152.00) - Minor quarter

We estimate Q1 sales of SEK8,145m and adj. EBIT of SEK727m (adj. EBITA of SEK777m), in line with Visible Alpha consensus. We have raised our 2024–2026e adj. EBITA by c3% on the latest M&A, updated FX and our underlying estimate changes. We reiterate our HOLD, but have increased our target price to SEK152 (142) on updated valuation.

 PRESS RELEASE

NOTICE OF THE ANNUAL GENERAL MEETING

NOTICE OF THE ANNUAL GENERAL MEETING The shareholders of NIBE Industrier AB (publ) are hereby invited to attend the Annual General Meeting on Thursday 16 May 2024, at 5.00 p.m. in Contura’s new fire place factory, Hyltevägen 34, Markaryd.Between 1.00 and 4.00 p.m. the shareholders are welcome to visit Contura’s product exhibition at Skulptörvägen 10 as well as NIBE Energy Systems’ product exhibition and Vetenskapshuset at Hannabadsvägen 1 in Markaryd. RIGHT TO PARTICIPATE  Shareholders are entitled to participate in the Annual General Meeting if they;–     are registered in their own...

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