NIBE Q2'24: The bottom is reached
NIBE's Q2 results came in below our expectations, leading us to revise our estimates downward. However, the company's outlook suggests that the market has bottomed out, supported by the end of destocking and anticipated declines in interest rates, which should boost consumer demand. Medium-term valuation multiples (2025: P/E: 26x and EV/EBIT: 20x) align with the company's long-term medians and appear neutral in our view. Considering this, and a combination of earnings growth and dividends, should give around 10-15% total shareholder return, exceeding our required return.
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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.
Lue lisää yhtiösivullaTunnusluvut19.08.
2023 | 24e | 25e | |
---|---|---|---|
Liikevaihto | 46 649,0 | 41 415,1 | 44 825,8 |
kasvu-% | 16,42 % | −11,22 % | 8,24 % |
EBIT (oik.) | 7 069,0 | 3 248,3 | 5 394,9 |
EBIT-% (oik.) | 15,15 % | 7,84 % | 12,04 % |
EPS (oik.) | 2,42 | 0,81 | 1,86 |
Osinko | 0,65 | 0,35 | 0,55 |
Osinko % | 0,92 % | 0,78 % | 1,22 % |
P/E (oik.) | 29,24 | 55,96 | 24,23 |
EV/EBITDA | 18,19 | 25,45 | 13,98 |