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Research

Short-term slowdown in a long-term growth market

By Inderes
Nibe Industrier
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The Q4 figures offered no major negative surprises and was overall in line with our and consensus forecast. However, the company’s comments regarding the outlook for European Climate Solution sales, as well as the planned action program indicates a continued weak market situation during the year. We made negative revisions to our forecasts mainly for the current year, but we kept our long-term estimates. In the short term, the stock is still quite expensive on an earnings basis (2024e: P/E adj. 27x). However, we feel that the share is fairly priced to the earnings level in medium term.

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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 Figures19.02.2024

202324e25e
Revenue46,649.047,084.150,100.5
growth-%16.4 %0.9 %6.4 %
EBIT (adj.)7,069.06,077.27,110.2
EBIT-% (adj.)15.2 %12.9 %14.2 %
EPS (adj.)2.422.192.54
Dividend0.650.550.80
Dividend %0.9 %1.6 %2.3 %
P/E (adj.)29.216.113.9
EV/EBITDA18.212.18.9
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