Patience is key as recovery takes time
NIBE's Q1 results were operationally below our expectations, and we have lowered our short-term estimates. However, the company's outlook shows signs of a recovery in the destocking situation in H2'24, but overall the current year will still be challenging. Eventually, the market will pick up and the normalization of capacity utilization and the cost savings program should provide leverage for profitability improvements in the medium term. In our view, given the ongoing uncertainties in the operating environment and current interest rate expectations, the stock is already sufficiently priced in for earnings growth (2025e P/E: 30x).
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Nibe Industrier
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.
Read more on company pageKey Estimate Figures17.05.
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 46,649.0 | 43,411.9 | 46,708.3 |
growth-% | 16.42 % | -6.94 % | 7.59 % |
EBIT (adj.) | 7,069.0 | 3,756.6 | 5,952.7 |
EBIT-% (adj.) | 15.15 % | 8.65 % | 12.74 % |
EPS (adj.) | 2.42 | 0.85 | 2.05 |
Dividend | 0.65 | 0.40 | 0.60 |
Dividend % | 0.92 % | 0.82 % | 1.23 % |
P/E (adj.) | 29.24 | 57.27 | 23.88 |
EV/EBITDA | 18.19 | 24.81 | 14.05 |