A bump in the recovery road

研报英文原文证据摘录

A bump in the recovery road

Equity Research - 7 July 2026 06:55 CEST

Reason: Preview of resultsDometic

• Q2 preview: soft demand expected to pressure earnings...

• ...but leverage ratio set to decline 0.2x q-o-q to 3.2x

• High risk, high reward: we reiterate BUY Consumer Goods

Q2'26 preview Estimate changes (%)

We entered the year with a cautiously optimistic view on demand, as: 1) 2026e 2027e 2028e

the outlook among marine manufacturers pointed towards recovery and Sales -0.1 1.9 1.9

2) the European RV market was in better balance, meaning production EBIT -8.5 6.6 6.4

volumes were set to increase. However, the US-Iran conflict and surging EPS -13.7 9.3 8.3

Source: ABG Sundal Collier

oil prices put another dent in demand, pushing the recovery forward once

again. US RV registrations decreased by 18% during the first two months DOM-SE/DOM SS

of Q2, and Europe did not look much better. In addition, we note that US Share price (SEK) 3/7/2026 24.58

retailer West Marine filed for Chapter 11 in mid-May, with Dometic's Sierra Target price 45.00

listed with a USD 4.7m balance due. All in all, we forecast Q2'26e organic

growth of -3% and SEK 790m in adj. EBITA. Lastly, the leverage ratio is

expected to decrease to 3.2x vs. 3.4x in Q1'26. MCap (SEKm) 7,853

MCap (EURm) 703

Outlook No. of shares (m) 319.5

Before the start of the US-Iran conflict, interest rates were declining, Free float (%) 91.7

trade inventories had normalised in the marine sector and European Av. daily volume (k) 1,754

RV producers had started to ramp up production. Although Q2 was

likely a bump in the recovery road, we are cautiously optimistic when

Next event Q2 report 14 July 2026looking into H2'26e, forecasting 1% organic growth and a 1.7pp margin

expansion due to soft comps and cost reductions.