Risks cast a shadow over potential rewards
Following the market development since we initiated coverage of NIBE (20.9.), along with the somewhat weaker Q3 report than we expected, we have lowered our estimates and hold a more cautious view when it comes to the short-term outlook. With the current shift to higher interest and the challenges NIBE faces in maintaining historical earnings growth rates, we feel that the share valuation is in the higher end of our acceptable valuation range (2024e: P/E 26x). Thus, we stay on the sidelines waiting for the risk/return ratio to strengthen.
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 Figures16.11.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 40,071.0 | 47,515.3 | 51,026.1 |
growth-% | 29.97 % | 18.58 % | 7.39 % |
EBIT (adj.) | 5,764.0 | 7,331.9 | 7,509.6 |
EBIT-% (adj.) | 14.38 % | 15.43 % | 14.72 % |
EPS (adj.) | 2.11 | 2.57 | 2.61 |
Dividend | 0.65 | 0.75 | 0.80 |
Dividend % | 0.67 % | 1.78 % | 1.90 % |
P/E (adj.) | 46.04 | 16.43 | 16.14 |
EV/EBITDA | 27.09 | 10.94 | 9.93 |