NIBE Q2'25: Gradual recovery but valuation looks stretched
25 augusti, 06:30
NIBE’s Q2 result was largely in line with our expectations, and we made only minor upside revisions to our earnings estimates. The company’s performance, outlook and market indicators continue to show signs of a recovery. However, in our view, the pace of the recovery will likely remain slow, due to a weak consumer confidence, a sluggish new-build market, currency headwinds from a strengthening SEK, and subsidy uncertainty in certain markets. In our view, short-term drivers remain weak, and the stock is already sufficiently priced in for high earnings growth (2025e P/E: 34x). As a result, we reiterate our Sell recommendation and target price of SEK 40.0 per share.
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NIBE Q2'25: Gradual recovery but valuation looks stretched
25 augusti, 06:30
NIBE’s Q2 result was largely in line with our expectations, and we made only minor upside revisions to our earnings estimates. The company’s performance, outlook and market indicators continue to show signs of a recovery. However, in our view, the pace of the recovery will likely remain slow, due to a weak consumer confidence, a sluggish new-build market, currency headwinds from a strengthening SEK, and subsidy uncertainty in certain markets. In our view, short-term drivers remain weak, and the stock is already sufficiently priced in for high earnings growth (2025e P/E: 34x). As a result, we reiterate our Sell recommendation and target price of SEK 40.0 per share.
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