contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Lucas Mattsson

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.

Nibe Industrier

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.

<p>NIBE&apos;s Q2 results came in below our expectations, leading us to revise our estimates downward. However, the company&apos;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&apos;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.</p>

	2023	24e	25e
Revenue	46,649.0	41,415.1	44,825.8
growth-%	16.4 %	-11.2 %	8.2 %
EBIT (adj.)	7,069.0	3,248.3	5,394.9
EBIT-% (adj.)	15.2 %	7.8 %	12.0 %
EPS (adj.)	2.42	0.81	1.86
Dividend	0.65	0.35	0.55
Dividend %	0.9 %	0.8 %	1.3 %
P/E (adj.)	29.24	52.67	22.81
EV/EBITDA	18.19	24.18	13.26

NIBE Q2'24: The bottom is reached

Nibe Industrier

Key Estimate Figures19.08.2024