View 
FILTERS (0)
* Not connected to ResearchPool

MORE FILTERS

  
reports
Viktor Trollsten
  • Viktor Trollsten

Nibe Industrier (Hold, TP: SEK108.00) - Upside potential in energy pri...

We reiterate our HOLD but have cut our target price to SEK108 (115) and our 2021–2022e adj. EBIT by 3–2%. We see upside potential to heat-pump demand from higher energy prices, as investment decisions depend on the economic benefits. If energy prices remain at current highs, we could see greater penetration rates in regions in which gas and oil heating are common such as North America, Germany, and the UK. We are 3% below consensus on Q3 adj. EBIT.

David Martinsson ... (+11)
  • David Martinsson
  • Frank Maaø
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mats Bye
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
Olof Larshammar
  • Olof Larshammar

Nibe Industrier (Hold, TP: SEK250.00) - Weathering Covid-19

Besides the long-term growth story from higher penetration rates of heat pumps and M&A, our investment case is based on improving margins from price rises and higher profitability in recently acquired units. Our 2020–2022 adj. EBIT forecasts are 7–10% above consensus. However, due to high valuation we reiterate our HOLD, while we have raised our target price to SEK250 (190).

Alexander Aukner ... (+4)
  • Alexander Aukner
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
Olof Larshammar
  • Olof Larshammar

Nibe Industrier (Hold, TP: SEK190.00) - Steady as she goes

Besides the long-term growth story from higher penetration rates of heat pumps and M&A, our investment case remains based on improving margins from price rises and higher profitability in recently acquired units. However, with the stock looking fairly valued to us, we reiterate our HOLD but have raised our target price to SEK190 (180).

Alexander Aukner ... (+15)
  • Alexander Aukner
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Simen Mortensen
  • Viktor Trollsten
Olof Larshammar
  • Olof Larshammar

Nibe Industrier (Hold, TP: SEK180.00) - Pumped up

Besides the long-term growth story from higher penetration rates of heat pumps and M&A, our investment case is based on improving margins from price increases and higher profitability in recently acquired units. However, we still struggle with the valuation and retain our HOLD while raising our SEK180 (138) target price as we roll our valuation base to 2021e.

Olof Larshammar
  • Olof Larshammar

Nibe Industrier (Hold, TP: SEK138.00) - Pumping as expected

Besides the long-term growth story from higher penetration rates of heat pumps and M&A, our investment case is based on improving margins from price rises and higher profitability in recently acquired units. We have raised our target price to SEK138 (122) after rolling over our valuation to 2021e EBIT, but given the limited potential upside, we reiterate our HOLD.

Alexander Aukner ... (+6)
  • Alexander Aukner
  • Jørgen Lian
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
Olof Larshammar
  • Olof Larshammar

Nibe Industrier (Hold, TP: SEK122.00) - Weak Q2 but good mix

Besides the long-term growth story from higher penetration rates of heat pumps and M&A, our investment case is based on improving margins from price rises, higher profitability in recently acquired units, and a turnaround in the US heat pump market. However, we still consider the valuation on the high side and await better entry points; hence, we reiterate our HOLD but have raised our target price to SEK122 (118).

Håkon Astrup ... (+8)
  • Håkon Astrup
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
Olof Larshammar
  • Olof Larshammar

Nibe Industrier Minor model adjustments

We have updated our estimates ahead of the Q2 results due at 08:00 on 16 August to reflect lower growth and margins in the Element division. We have cut our 2019–2021e adj. EBIT by 2–3%. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We reiterate our SEK118 target price.

Alexander Aukner ... (+8)
  • Alexander Aukner
  • Jon Berggren
  • Jon Masdal
  • Martin Hoang Nguyen
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Simen Mortensen
Olof Larshammar
  • Olof Larshammar

Nibe Industrier (Hold, TP: SEK118.00) - Gaining market share

Besides the long-term growth story from higher penetration rates of heat pumps and M&A, in our view the investment case is based on improving margins from price rises, higher profitability in recently acquired units, and a US heat pump market turnaround. However, with limited upside potential from the current share price to our target price, we reiterate our HOLD and have raised our target price to SEK118 (115) on our 1–3% higher EBIT estimates, mainly driven by FX.

Håkon Astrup ... (+9)
  • Håkon Astrup
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mats Bye
  • Mattias Montgomery
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Simen Mortensen
Olof Larshammar
  • Olof Larshammar

Nibe Industrier (Hold, TP: SEK115.00) - Set for more growth

Besides the long-term growth story from higher penetration rates of heat pumps and M&A, the investment case is based on improving margins from price rises, higher profitability in recently acquired units and a turnaround in the US heat pump market. However, we see limited upside potential from the current share price to our target price. We reiterate our HOLD but have raised our target price to SEK115 (102), having shifted our valuation base from 2019 to 2020.

Alexander Aukner ... (+11)
  • Alexander Aukner
  • Jon Masdal
  • Marius Knudssøn
  • Martin Arnell
  • Martin Huseby Karlsen
  • Mattias Montgomery
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Simen Mortensen
Olof Larshammar
  • Olof Larshammar

Nibe Industrier (Hold, TP: SEK102.00) - Pump market driving growth

Our investment case for Nibe – apart from the long-term growth story of a higher penetration rate of heat pumps and M&A – is based on improving margins from price rises, higher profitability in recently acquired units, and a turnaround in the US heat pump market. However, at the current share price, we see limited upside potential to our target price. We reiterate our HOLD and target price of SEK102.

Loading...
New interest

Save your current filters as a new Interest

Please enter a name for this interest

Email alerts

Would you like to receive real-time email alerts when a new report is published under this interest?

Save This Search

These search results will show up under 'Saved searches' in the left panel

Please enter a name for this saved search

ResearchPool Subscriptions

Get the most out of your insights

Get in touch