Berenberg sees Nibe's stock fairly valued, moves to 'hold'

Nibe Industrier AB

25/08/2021 09:53

** Berenberg downgrades Swedish heating technology
specialist NIBE Industrier  NIBEb.ST  to "hold" from "buy",
citing balanced risk/reward
    ** Berenberg says the shares, which have soared 67% since
April, are now fairly valued and "suitably expensive on every
key metric"
    ** The business is in great shape and the outlook remains
highly compelling, it points out
    ** Recent quarterly performance has been excellent and
newsflow from both policymakers and industry agencies is
encouraging, Berenberg adds
    ** The brokerage says NIBE's opportunity to continue to grow
through M&A is still slightly underappreciated by the market,
expecting the company to grow at about 10% anually
    ** Moreover, it expects environmentally focused investors
will continue to support the shares as the prominence of heat
pumps and Nibe grows
    ** Out of nine analysts that cover NIBE, ​one rates the
stock "buy"​​, six rate it "hold" and two​ "strong sell" or
"sell"
    

 (Reporting by Marta Frackowiak)
 ((marta.frackowiak@thomsonreuters.com))