Nibe Industrier
45.93 SEK -1.71%Nibe Industrier is an industrial company. The company offers services in heating solutions and energy management. The Group's operations are divided into a number of business areas and subsidiaries, each with special expertise. The company has customers on a global level with the largest concentration in the Nordic region, Europe and North America. The products are focused primarily on corporate customers and larger institutes, but also on private individuals. The company is headquartered in Markaryd, Sweden.
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Extensive report
Analyst
![Lucas Mattsson Lucas Mattsson](https://www.inderes.se/cdn-cgi/image/format=auto,width=128,height=128,quality=90,fit=cover/https://content.inderes.se/assets/e0da094f-9c33-4203-a18a-d77d043f28b7.png)
Financial calendar
Major OwnersSource: Millistream Market Data AB
Owner | Capital | Votes |
---|---|---|
Current and former board members and senior executives | 45.9 % | 45.9 % |
Schörling | 18.7 % | 18.7 % |
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Income statement
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Revenue | 27,146.0 | 30,832.0 | 40,071.0 | 46,649.0 | 43,411.9 | 46,708.3 | 52,067.7 | 56,393.8 |
growth-% | 7.1 % | 13.6 % | 30.0 % | 16.4 % | -6.9 % | 7.6 % | 11.5 % | 8.3 % |
EBITDA | 5,117.0 | 5,765.0 | 7,460.0 | 8,797.0 | 4,669.6 | 8,022.7 | 9,629.0 | 10,445.7 |
EBIT (adj.) | 3,557.0 | 4,451.0 | 5,764.0 | 7,069.0 | 3,756.6 | 5,952.7 | 7,441.5 | 8,271.0 |
EBIT | 3,880.0 | 4,468.0 | 5,863.0 | 6,973.0 | 2,661.6 | 5,952.7 | 7,441.5 | 8,271.0 |
Profit before taxes | 3,658.0 | 4,318.0 | 5,675.0 | 6,331.0 | 1,750.0 | 5,333.5 | 7,037.7 | 7,992.6 |
Net income | 2,866.0 | 3,320.0 | 4,351.0 | 4,785.0 | 826.0 | 4,128.3 | 5,484.1 | 6,232.9 |
EPS (adj.) | 1.26 | 1.64 | 2.11 | 2.42 | 0.85 | 2.05 | 2.72 | 3.09 |
growth-% | 14.5 % | 29.9 % | 28.7 % | 14.8 % | -64.7 % | 139.9 % | 32.8 % | 13.7 % |
Dividend | 0.39 | 0.50 | 0.65 | 0.65 | 0.40 | 0.60 | 0.85 | 0.93 |
Dividend ratio | 27.3 % | 30.4 % | 30.1 % | 27.4 % | 97.6 % | 29.3 % | 31.2 % | 30.0 % |
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Profitability and return on capital
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
EBITDA-% | 18.8 % | 18.7 % | 18.6 % | 18.9 % | 10.8 % | 17.2 % | 18.5 % | 18.5 % |
EBIT-% (adj.) | 13.1 % | 14.4 % | 14.4 % | 15.2 % | 8.7 % | 12.7 % | 14.3 % | 14.7 % |
EBIT-% | 14.3 % | 14.5 % | 14.6 % | 14.9 % | 6.1 % | 12.7 % | 14.3 % | 14.7 % |
ROE | 16.3 % | 17.0 % | 17.6 % | 17.3 % | 3.0 % | 14.5 % | 16.9 % | 17.0 % |
ROI | 14.1 % | 15.1 % | 16.7 % | 15.8 % | 5.5 % | 12.0 % | 14.3 % | 15.6 % |
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Valuation
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Share price (SEK) | 67.43 | 136.75 | 97.10 | 70.80 | 45.93 | 45.93 | 45.93 | 45.93 |
Shares | 504.0 | 2,016.1 | 2,016.1 | 2,016.1 | 2,016.1 | 2,016.1 | 2,016.1 | 2,016.1 |
Market cap | 33,983.3 | 275,697.6 | 195,760.4 | 142,737.8 | 92,598.1 | 92,598.1 | 92,598.1 | 92,598.1 |
Enterprise value | 39,191.3 | 280,733.6 | 202,086.4 | 159,975.8 | 109,883.9 | 106,777.7 | 102,951.5 | 98,927.6 |
EV/S | 1.4 | 9.1 | 5.0 | 3.4 | 2.5 | 2.3 | 2.0 | 1.8 |
EV/EBITDA | 7.7 | 48.7 | 27.1 | 18.2 | 23.5 | 13.3 | 10.7 | 9.5 |
EV/EBIT (adj.) | 11.0 | 63.1 | 35.1 | 22.6 | 29.3 | 17.9 | 13.8 | 12.0 |
EV/EBIT | 10.1 | 62.8 | 34.5 | 22.9 | 41.3 | 17.9 | 13.8 | 12.0 |
P/E (adj.) | 53.5 | 83.5 | 46.0 | 29.2 | 53.8 | 22.4 | 16.9 | 14.9 |
P/E | 47.4 | 83.0 | 45.0 | 29.8 | 112.1 | 22.4 | 16.9 | 14.9 |
P/B | 1.9 | 12.9 | 7.0 | 5.2 | 3.4 | 3.1 | 2.7 | 2.4 |
P/S | 1.3 | 8.9 | 4.9 | 3.1 | 2.1 | 2.0 | 1.8 | 1.6 |
Dividend yield | 0.6 % | 0.4 % | 0.7 % | 0.9 % | 0.9 % | 1.3 % | 1.8 % | 2.0 % |
Equity ratio | 46.3 % | 49.9 % | 51.8 % | 40.3 % | 41.7 % | 44.2 % | 48.8 % | 53.7 % |
Gearing ratio | 29.4 % | 23.3 % | 22.6 % | 62.9 % | 64.2 % | 46.9 % | 30.0 % | 16.2 % |
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Quarter data
Q2/23 | Q3/23 | Q4/23 | 2023 | Q1/24 | Q2/24e | Q3/24e | Q4/24e | 2024e | |
---|---|---|---|---|---|---|---|---|---|
Revenue | 11,833.0 | 11,514.0 | 11,656.0 | 46,649.0 | 9,494.0 | 10,706.5 | 11,163.4 | 12,048.1 | 43,411.9 |
EBITDA | 2,243.0 | 2,309.0 | 2,092.0 | 8,797.0 | -76.0 | 1,288.9 | 1,618.4 | 1,838.4 | 4,669.6 |
EBIT | 1,847.0 | 1,779.0 | 1,592.0 | 6,973.0 | -579.0 | 798.9 | 1,118.4 | 1,323.4 | 2,661.6 |
Profit before taxes | 1,701.0 | 1,598.0 | 1,378.0 | 6,331.0 | -911.0 | 608.9 | 918.4 | 1,133.8 | 1,750.0 |
Net income | 1,319.0 | 1,216.0 | 980.0 | 4,785.0 | -857.0 | 324.8 | 578.7 | 779.5 | 826.0 |
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![Patience is key as recovery takes time](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/b55d728b-1989-424d-a9f3-21f15856a93e.png)
Patience is key as recovery takes time
Annual General Meeting of NIBE Industrier AB
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Weak first quarter
Swedish Corporate Governance Code
![NIBE Industries Q1 on Thursday: Continued low demand expected](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/429f167c-d5b7-420d-a5e8-386495e105c7.png)
NIBE Industries Q1 on Thursday: Continued low demand expected
Publication of NIBE Industrier's Annual Report for 2023
NOTICE OF THE ANNUAL GENERAL MEETING
NIBE gives notice of redundancy to 340 employees in Sweden
![Short-term slowdown in a long-term growth market](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/b55d728b-1989-424d-a9f3-21f15856a93e.png)
Short-term slowdown in a long-term growth market
Good performance in 2023 – clear decline in fourth quarter
![Short-term headwinds stronger than expected](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/29877d72-9a19-4eb5-93a1-c1e42053a031.png)
Short-term headwinds stronger than expected
NIBE Industrier AB (publ) appoints Fredrik Erlandsson as Head of Corporate Communications and Investor Relations
Klas Dahlberg moving on to Hexpol
NIBE acquires a minor yet strategic addition to its Element business
NIBE acquires Danish LS Control A/S
![Risks cast a shadow over potential rewards](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/9893d7ba-e7e6-49a7-a25b-7d8b7847e347.png)
Risks cast a shadow over potential rewards
Correction: Continued good sales and earnings performance
Continued good sales and earnings performance
![NIBE Industries Q3 on Wednesday: With growth towards calmer markets](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/82276da5-e240-485b-bd09-7103e186b71b.png)