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Research

Risks cast a shadow over potential rewards

By Inderes
Nibe Industrier
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Following the market development since we initiated coverage of NIBE (20.9.), along with the somewhat weaker Q3 report than we expected, we have lowered our estimates and hold a more cautious view when it comes to the short-term outlook. With the current shift to higher interest and the challenges NIBE faces in maintaining historical earnings growth rates, we feel that the share valuation is in the higher end of our acceptable valuation range (2024e: P/E 26x). Thus, we stay on the sidelines waiting for the risk/return ratio to strengthen.

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Nibe Industrier operates in the manufacturing industry and focuses on the development, manufacture and distribution of heat pumps and energy solutions. The company's products are aimed at private individuals and companies looking for energy-efficient solutions. The business is global with a main presence in Europe. Nibe Industrier was founded in 1989 and has its headquarters in Markaryd, Sweden.

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Key Estimate Figures16.11.2023

202223e24e
Revenue40,071.047,515.351,026.1
growth-%30.0 %18.6 %7.4 %
EBIT (adj.)5,764.07,331.97,509.6
EBIT-% (adj.)14.4 %15.4 %14.7 %
EPS (adj.)2.112.572.61
Dividend0.650.750.80
Dividend %0.7 %2.1 %2.2 %
P/E (adj.)46.014.013.8
EV/EBITDA27.19.68.6
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