Short-term headwinds stronger than expected
We have updated our short- and medium-term forecasts for NIBE, in the light of that market indicators currently shows a slower European heat pump market than expected. In accordance with the low demand situation and high inventory levels, 2024 profit level is expected to fall. Thus, the short-term valuation multiples that reflects this are not particularly attractive. However, in our view, the share is fairly priced to the earnings level in medium term.
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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 Figures13.02.
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 40,071.0 | 46,731.9 | 47,395.6 |
growth-% | 29.97 % | 16.62 % | 1.42 % |
EBIT (adj.) | 5,764.0 | 7,059.7 | 6,472.1 |
EBIT-% (adj.) | 14.38 % | 15.11 % | 13.66 % |
EPS (adj.) | 2.11 | 2.48 | 2.29 |
Dividend | 0.65 | 0.75 | 0.70 |
Dividend % | 0.67 % | 1.53 % | 1.43 % |
P/E (adj.) | 46.04 | 19.73 | 21.35 |
EV/EBITDA | 27.09 | 12.85 | 12.88 |