Short-term slowdown in a long-term growth market
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
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 Figures19.02.
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 46,649.0 | 47,084.1 | 50,100.5 |
growth-% | 16.42 % | 0.93 % | 6.41 % |
EBIT (adj.) | 7,069.0 | 6,077.2 | 7,110.2 |
EBIT-% (adj.) | 15.15 % | 12.91 % | 14.19 % |
EPS (adj.) | 2.42 | 2.19 | 2.54 |
Dividend | 0.65 | 0.55 | 0.80 |
Dividend % | 0.92 % | 1.30 % | 1.90 % |
P/E (adj.) | 29.24 | 19.23 | 16.59 |
EV/EBITDA | 18.19 | 14.05 | 10.42 |