Jefferies ups Systemair to 'buy' on long-term growth potential
18/03/2024 13:24
** Jefferies upgrades Systemair SYSR.ST to "buy" from
"hold" citing the Swedish heating, ventilation, air conditioning
group's strong growth potential in a longer term
** Despite softening end-markets in the Nordics and Western
Europe, Systemair continues to secure large orders in key
industries such as energy, marine and data centres, the broker
says
** It expects challenging macroeconomic conditions to improve
as early as H2 2024
** Jefferies points to Systemair's business model that
relies on an efficient production and logistics set-up to
guarantee product availability and fast delivery
** It adds Systemair has a balanced revenue split between
new construction and renovation that is weighed towards the
commercial/industrial segment (85-90%) over residential
** The broker also notes Systemair's shares have been under
pressure this year and it trades at a clear discount to peers
(Reporting by Agnieszka Oleńska)
((Agnieszka.Olenska@thomsonreuters.com;))