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 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, North America and Asia. Nibe Industrier was founded in 1952 and has its headquarters in Markaryd, Sweden.
Lue lisää yhtiösivullaTunnusluvut17.05.2024
2023 | 24e | 25e |
---|
2023 | 24e | 25e | |
---|---|---|---|
Liikevaihto | 46 649,0 | 43 411,9 | 46 708,3 |
kasvu-% | 16,4 % | −6,9 % | 7,6 % |
EBIT (oik.) | 7 069,0 | 3 756,6 | 5 952,7 |
EBIT-% (oik.) | 15,2 % | 8,7 % | 12,7 % |
EPS (oik.) | 2,42 | 0,85 | 2,05 |
Osinko | 0,65 | 0,40 | 0,60 |
Osinko % | 0,9 % | 1,0 % | 1,5 % |
P/E (oik.) | 29,24 | 46,04 | 19,19 |
EV/EBITDA | 18,19 | 20,67 | 11,64 |