2024 'appears to be a lost year' for Nibe, says Inderes

Nibe

18/11/2024 11:36

** Inderes lowers Swedish heat pump maker Nibe  NIBEb.ST 
to "reduce" from "accumulate", while Barclays reiterates its
"underweight" rating
    ** "2024 appears to be a lost year, with earnings falling 
significantly short of their potential due to challenging 
market conditions," says Lucas Mattsson from Inderes
    ** On Friday Nibe reported its Q3 numbers, with organic
sales down 15% yoy, and EBIT 14% ahead of Pareto Securities
consensus
    ** "Outlook continues to show signs of a recovery in the
destocking  situation," Inderes says, "but overall, the current
year and at least the first half of next year will still be
challenging"
     ** Barclays points out significant recalls related to the
Climate for Life product that have impacted goodwill and
intangible assets, leading to financial adjustments
     ** Nibe's cash conversion rate is at its lowest since 2015,
says Barclays
     ** Barclays anticipates further EBIT declines and potential
downgrades for FY25 indicating a challenging outlook for NIBE's
financial performance
     ** Shares in Nibe are down 5.7% 
     
    
    


 (Reporting by Agnieszka Olenska)
 ((Agnieszka.Olenska@thomsonreuters.com;))