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Mattias Holmberg
- Mattias Holmberg
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Nibe reported Q2 EBIT 3% below consensus expectations hurt by: fewer working days YOY; recent acquisitions diluting the margin; and ceased subsidies for heat pumps in the US. We have lowered our 2017–2019e EBIT by 2%, but leave our target price at SEK80. We have raised our recommendation to BUY (HOLD) as we believe solid organic growth in H2 will support the shares, which have traded down c20% since the Q1 report on 11 May, offering a good entry point.
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