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

Similar headwinds to persist in Q2

Q2 due Friday 16 Aug, '24e-'26e adj. EBIT down 5-2%; -4% CAGR '23-'26e, keep SELL, TP SEK 40 unchanged

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

In it together? Ownership alignment update

Management ownership has increased. Great alignment at ABB, good at Volvo, Alfa, Hexagon, and Metso. Low direct ownership at Epiroc and (despite some improvement) SKF.

 PRESS RELEASE

NIBE utser Simon Karlin till ny affärsområdeschef för NIBE Climate Sol...

NIBE utser Simon Karlin till ny affärsområdeschef för NIBE Climate Solutions Simon Karlin, nuvarande affärsområdeschef för region EMEA inom Beijer Ref, har utsetts till ny affärsområdeschef för NIBE Climate Solutions och medlem i NIBE Industrier ABs koncernledning. Simon Karlin tillträder sin tjänst under hösten 2024. Simon Karlin har under 20 år haft en central roll i Beijer Refs (publ) globala expansion där han har drivit lönsam utveckling genom både organisk tillväxt och genom förvärv i en decentraliserad struktur. Han har även ingått i Beijer Refs koncernledning och har arbetat med b...

 PRESS RELEASE

NIBE appoints Simon Karlin as new Head of NIBE Climate Solutions

NIBE appoints Simon Karlin as new Head of NIBE Climate Solutions Simon Karlin, currently the head of the EMEA business area at Beijer Ref, has been appointed the new head of the business area NIBE Climate Solutions and a member of NIBE Industrier AB’s Group management. Simon Karlin will take up his position in the fall of 2024. Simon Karlin has played a key role in the global expansion of Beijer Ref (publ) for 20 years, driving profitable performance both through organic growth and through acquisitions in a decentralized structure. He has also been a member of Beijer Ref’s Group manageme...

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

The Capital Goods Data Miner - June 2024

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

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
Douglas Lindahl
  • Douglas Lindahl

Nibe Industrier (Hold, TP: SEK55.00) - Investors as well as fundamenta...

Q1 missed our estimates and consensus significantly. The stock has been volatile recently, with local investors believing the worst is behind Nibe, but international investors still see looming risks and a rich valuation (which has increased short interest). We remain neutral and reiterate our HOLD, but have raised our target price to SEK55 (50). While we see the heat pump market nearing an inflection point, we believe this is countered by a rich valuation and still-high margin risk.

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...

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