Financials NIBE Industrier AB

Equities

NIBE B

SE0015988019

Electrical Components & Equipment

Market Closed - Nasdaq Stockholm Other stock markets 11:29:51 2024-05-10 am EDT			5-day change	1st Jan Change
57.2 ^SEK	+4.72%		+11.28%	-19.21%

Apr. 10	Nibe Industrier AB Announces Jenny Larsson Has Declined Re-Election as Director	CI
Apr. 10	Nibe Industrier AB Proposes Dividend for the Financial Year 2023, Payable on 23 May 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	81,852	135,933	275,697	195,760	142,738	115,319	-	-
Enterprise Value (EV) ¹	88,335	141,799	281,271	202,300	159,976	131,803	129,255	128,469
P/E ratio	37.7 x	47.4 x	82.9 x	45 x	29.9 x	40.9 x	26.1 x	22.8 x
Yield	-	0.57%	0.37%	0.67%	0.92%	0.97%	1.19%	1.41%
Capitalization / Revenue	3.23 x	5.01 x	8.94 x	4.89 x	3.06 x	2.56 x	2.34 x	2.13 x
EV / Revenue	3.49 x	5.22 x	9.12 x	5.05 x	3.43 x	2.93 x	2.63 x	2.37 x
EV / EBITDA	21.7 x	29.8 x	49 x	27.5 x	18.3 x	20.3 x	15.5 x	13.6 x
EV / FCF	46.4 x	36.2 x	139 x	368 x	-7,272 x	37 x	28.1 x	24.2 x
FCF Yield	2.16%	2.76%	0.72%	0.27%	-0.01%	2.7%	3.55%	4.13%
Price to Book	4.67 x	7.73 x	12.9 x	7.01 x	-	3.63 x	3.27 x	2.92 x
Nbr of stocks (in thousands)	2,016,066	2,016,066	2,016,066	2,016,066	2,016,066	2,016,066	-	-
Reference price ²	40.60	67.42	136.8	97.10	70.80	57.20	57.20	57.20
Announcement Date	2/13/20	2/17/21	2/17/22	2/15/23	2/16/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,342	27,146	30,832	40,071	46,649	44,963	49,226	54,150
EBITDA ¹	4,075	4,764	5,735	7,347	8,745	6,487	8,362	9,442
EBIT ¹	3,038	3,527	4,438	5,863	6,973	4,777	6,485	7,341
Operating Margin	11.99%	12.99%	14.39%	14.63%	14.95%	10.62%	13.17%	13.56%
Earnings before Tax (EBT) ¹	2,836	3,658	4,318	5,675	6,331	3,858	5,818	6,752
Net income ¹	2,170	2,866	3,320	4,351	4,785	2,886	4,431	5,078
Net margin	8.56%	10.56%	10.77%	10.86%	10.26%	6.42%	9%	9.38%
EPS ²	1.078	1.422	1.650	2.160	2.370	1.400	2.190	2.508
Free Cash Flow ¹	1,904	3,914	2,021	549	-22	3,561	4,595	5,308
FCF margin	7.51%	14.42%	6.55%	1.37%	-0.05%	7.92%	9.33%	9.8%
FCF Conversion (EBITDA)	46.72%	82.16%	35.24%	7.47%	-	54.89%	54.95%	56.22%
FCF Conversion (Net income)	87.74%	136.57%	60.87%	12.62%	-	123.37%	103.7%	104.51%
Dividend per Share ²	-	0.3875	0.5000	0.6500	0.6500	0.5544	0.6830	0.8067
Announcement Date	2/13/20	2/17/21	2/17/22	2/15/23	2/16/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	7,823	8,388	8,749	9,656	9,999	11,667	11,646	11,833	11,514	11,656	10,271	10,965	11,562	12,286	10,944
EBITDA ¹	1,523	1,483	1,286	1,926	1,824	2,311	2,146	2,250	2,243	2,106	541.7	1,475	1,840	2,085	1,548
EBIT ¹	1,202	1,186	941	1,569	1,465	1,888	1,755	1,847	1,779	1,592	294.5	1,057	1,334	1,518	1,040
Operating Margin	15.36%	14.14%	10.76%	16.25%	14.65%	16.18%	15.07%	15.61%	15.45%	13.66%	2.87%	9.64%	11.54%	12.36%	9.5%
Earnings before Tax (EBT) ¹	1,171	1,143	906	1,547	1,451	1,771	1,654	1,701	1,598	1,378	-204.8	917.3	1,129	1,308	1,064
Net income ¹	895	892	662	1,216	1,104	1,369	1,270	1,319	1,216	980	-161.1	703.7	865.7	1,002	808.2
Net margin	11.44%	10.63%	7.57%	12.59%	11.04%	11.73%	10.91%	11.15%	10.56%	8.41%	-1.57%	6.42%	7.49%	8.16%	7.38%
EPS ²	0.4400	0.4400	0.3300	0.6000	0.5500	0.6800	0.6300	0.6500	0.6000	0.4900	-0.1170	0.3068	0.4430	0.5288	0.4022
Dividend per Share	-	0.5000	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/17/21	2/17/22	5/17/22	8/18/22	11/16/22	2/15/23	5/16/23	8/17/23	11/15/23	2/16/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,483	5,866	5,574	6,540	17,238	16,484	13,936	13,150
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.591 x	1.231 x	0.9719 x	0.8902 x	1.971 x	2.541 x	1.667 x	1.393 x
Free Cash Flow ¹	1,904	3,914	2,021	549	-22	3,561	4,595	5,308
ROE (net income / shareholders' equity)	13.5%	16.1%	17.3%	18.1%	17.3%	9.51%	13.4%	13.8%
ROA (Net income/ Total Assets)	6.24%	7.59%	8.12%	8.94%	7.84%	2.4%	4.5%	5.1%
Assets ¹	34,760	37,783	40,867	48,694	61,049	120,270	98,462	99,578
Book Value Per Share ²	8.690	8.730	10.60	13.90	-	15.80	17.50	19.60
Cash Flow per Share ²	1.470	2.490	1.620	1.300	1.900	2.460	3.250	3.320
Capex ¹	1,054	1,109	1,242	2,065	3,852	2,382	2,055	2,117
Capex / Sales	4.16%	4.09%	4.03%	5.15%	8.26%	5.3%	4.17%	3.91%
Announcement Date	2/13/20	2/17/21	2/17/22	2/15/23	2/16/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for NIBE Industrier AB

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

57.2 SEK

Average target price

62.43 SEK

Spread / Average Target

+9.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Heating, Ventilation & Air Conditioning Systems

	1st Jan change	Capi.
NIBE INDUSTRIER AB	-19.21%	10.64B
TRANE TECHNOLOGIES PLC	+36.11%	75.14B
CARRIER GLOBAL CORPORATION	+14.01%	59.02B
JOHNSON CONTROLS INTERNATIONAL PLC	+13.79%	44.19B
DAIKIN INDUSTRIES, LTD.	+7.40%	46.36B
WATSCO, INC.	+11.85%	17.81B
LENNOX INTERNATIONAL INC.	+10.50%	17.62B
A. O. SMITH CORPORATION	+4.78%	12.67B
AAON, INC.	+4.63%	6.35B
NINGBO DEYE TECHNOLOGY GROUP CO., LTD.	+18.59%	5.92B

Heating, Ventilation & Air Conditioning Systems