NIBE (1K) | Buy | Mixed Q1, growth opportunities intact

研报英文原文证据摘录

NIBE (1K) | Buy | Mixed Q1, growth opportunities intact

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Release date: 20 May 2026

Company research

Buy NIBE

Sweden | Capital goods Beta Profile: MCap: SEK80.6bn

Target Price: SEK48.00 (50.00) Change in TP: -4.0% Bloomberg: NIBEB SS Reuters: NIBEb.ST

Current Price: SEK39.98 Change in Sales: -0.2% 26E/none 27E Free float 85.0%

Avg. daily volume (SEKm) 673.1 Up/downside: 20.1% Change in Adj EBIT: -2.2% 26E/-2.1% 27E

YTD abs performance 12.2%

Market data: 20 May 2026 Change in Adj. EPS: -1.4% 26E/-2.0% 27E

52-week high/low (SEK) 46.47/31.88

Mixed Q1, growth opportunities intact Price performance

Why this report?

We have updated our forecasts following a somewhat mixed Q1 report. 50

Organic growth came in slightly ahead of expectations, while earnings were 4846

somewhat weaker, primarily due to softer operational leverage within 4442

Climate Solutions. Looking ahead, US import tariffs are expected to have an 40

increasing impact on Stoves, given its Canadian production footprint. More 36

importantly, however, we expect elevated energy prices to continue 3432

supporting demand, particularly within Climate Solutions. We therefore 30

May 25 Nov 25 May 26

make minor downward revisions to our estimates and lower our target price

to SEK 48 (50), while reiterating our Buy recommendation. Price Stoxx Europe 600 (rebased)

Key findings

▪The outlook continued to be confident regarding Climate Solutions, mainly,

indicating the targeted EBIT margin of 13-15% for the full year is well within FY to 31/12 (SEK) 12/26E 12/27E 12/28E

reach. Stoves, on the other hand, suffer strongly from the upgraded US import Sales (bn) 42.2 45.9 50.2

tariffs, resulting in a margin of 6-8%, below the 10-13% target. The US tariffs will EBITDA adj (m) 7,247 8,096 8,871