contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


nibe-acquires-minor-yet-strategic-addition-its-element-business

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analytiker

Lucas Mattsson

Nibe Industrier är verksamt inom tillverkningsindustrin och fokuserar på utveckling, tillverkning och distribution av värmepumpar och energilösningar. Bolagets produkter riktar sig till privatpersoner och företag som söker energieffektiva lösningar. Verksamheten är global med en huvudsaklig närvaro i Europa. Nibe Industrier grundades 1989 och har sitt huvudkontor i Markaryd, Sverige.

Nibe Industrier

On the 17th of November, NIBE announced that the company has acquired 70% of the shares in LS Control A/S, a Danish company specializing in the production and sale of electronics for control...

On the 17th of November, NIBE announced that the company has acquired 70% of the shares in LS Control A/S, a Danish company specializing in the production and sale of electronics for control and regulation for the ventilation and heat pump industry. In our opinion, the target seems strategically reasonable for NIBE in general. However, the undisclosed purchase price makes it challenging to assess the deal's valuation. Even though we're in the dark about the price, the financial data provided by LS Control paints a promising picture with an EBIT-% of 16% in the fiscal year 2021/2022. This is well above the average EBIT-% of companies within Element that NIBE has historically acquired over the past 5 years, hovering around 10%. However, the deal is small compared to NIBE’s scale, and it does not have an immediate significant impact on our estimates or view of the company. We will update the acquisition to our estimates in connection with our next report. Our previous report published in connection with NIBE’s Q3 can be read <a href="https://www.inderes.se/research/risks-cast-shadow-over-potential-rewards">here</a>. The purchase expands the Element product family LS Control is primarily engaged in the development, sale, and manufacturing of electronic equipment and components used for management, regulation, and control purposes. The company’s focus industries encompass ventilation, heat pumps, and laboratory equipment, with a key presence in the European market. Some products are tailored in consultation with customers, resulting in customized solutions which we believe create customer lock-in and high switching costs. Furthermore, the retention of local management aligns with NIBE's decentralized approach, which we think improves the chance of the deal being successful. Established in 1969, LS Control directly employs 55 individuals with an additional 30 people engaged through partnerships. The company is generating annual sales of approximately DKK 100 million (~SEK 150 million) at an operating margin of 16% in the fiscal year 2021/2022. Noteworthy is LS Control's substantial earnings growth over the past five years, representing a CAGR of ~60%. LS Control will be consolidated with NIBE from 1 December 2023 and the remaining 30% of the shares are to be acquired in two stages by 2028 at the latest.

	2022	23e	24e
Omsättning	40 071,0	47 515,3	51 026,1
tillväxt-%	30,0 %	18,6 %	7,4 %
EBIT (adj.)	5 764,0	7 331,9	7 509,6
EBIT-%	14,4 %	15,4 %	14,7 %
EPS (adj.)	2,11	2,57	2,61
Utdelning	0,65	0,75	0,80
Direktavkastning	0,7 %	2,1 %	2,3 %
P/E (just.)	46,0	13,8	13,5
EV/EBITDA	27,1	9,4	8,5

NIBE acquires a minor yet strategic addition to its Element business

Key Estimate Figures2023-11-16