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 {
    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
    }
  }
}


nibe-q324-signs-of-recovery-but-riskreward-is-thin

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

alternatePageUrls

imgUrl

description

Analyst

Lucas Mattsson

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.

Nibe Industrier

NIBE’s Q3 result was operationally slightly below our expectations, and we made small revisions to our short- and medium-term estimates. However, the company's outlook continues to show signs of a recovery in the destocking situation, but overall, the current year and at least the first half of next year will still be challenging. Eventually, demand at the manufacturer level will better correspond to underlying end consumer demand 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, the stock is already sufficiently priced in for earnings growth (2025e P/E: 29x).

<p>NIBE&#x2019;s Q3 result was operationally slightly below our expectations, and we made small revisions to our short- and medium-term estimates. However, the company&apos;s outlook continues to show signs of a recovery in the destocking situation, but overall, the current year and at least the first half of next year will still be challenging. Eventually, demand at the manufacturer level will better correspond to underlying end consumer demand 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, the stock is already sufficiently priced in for earnings growth (2025e P/E: 29x).</p>

Inderes

NIBE Q3'24: Signs of recovery but risk/reward is thin

Probabilities of success in drug development

Return on capital (ROE, ROI, ROIC, RONIC)

Drug development investment: Value creation through M&As and licensing agreements

Helsinki Stock Exchange is cheap

Valuation methods: Valuation multiples

	2023	24e	25e
Revenue	46,649.0	40,580.6	43,917.8
growth-%	16.42 %	-13.01 %	8.22 %
EBIT (adj.)	7,069.0	3,150.7	5,211.2
EBIT-% (adj.)	15.15 %	7.76 %	11.87 %
EPS (adj.)	2.42	0.65	1.74
Dividend	0.65	0.35	0.55
Dividend %	0.92 %	0.83 %	1.30 %
P/E (adj.)	29.24	65.09	24.18
EV/EBITDA	18.19	25.16	13.54

Nibe Industrier

Key Estimate Figures18.11

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