NIBE: Premium multiple, deteriorating fundamentals - the heat pump reset isn’t priced in; Assume coverage at UW with SEK 26 PT

Research evidence excerpt

NIBE: Premium multiple, deteriorating fundamentals - the heat pump reset isn’t priced in; Assume coverage at UW with SEK 26 PT

Barclays | NIBE

(boiler) replacement rates could be above our expectations should further subsidies be introduced, which could provide the group sufficient pricing

power and lead to better than expected margins.

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