NIBE Industrier (OM:NIBE B) - Share price, News & Analysis

Q: What is the Fair Price of NIBE B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

NIBE B (SEK106.75) is trading above our estimate of [[fair value]] (SEK95.12)

NIBE B fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	2/6
Past Performance	2/6
Financial Health	6/6
Dividends	0/6

NIBE B Stock Overview

Rewards

Earnings are forecast to grow 14.49% per year

Earnings have grown 17.5% per year over the past 5 years

Risk Analysis

NIBE B passed our risk checks.

NIBE Industrier Competitors

ASSA ABLOY

OM:ASSA B

kr265.0b

Munters Group

OM:MTRS

kr13.9b

Systemair

OM:SYSR

kr12.6b

Lindab International

OM:LIAB

kr12.8b

Price History & Performance

Summary of all time highs, changes and price drops for NIBE Industrier
Historical stock prices
Current Share Price	kr106.75
52 Week High	kr138.65
52 Week Low	kr68.64
Beta	1.46
1 Month Change	22.14%
3 Month Change	24.10%
1 Year Change	-8.25%
3 Year Change	248.15%
5 Year Change	488.56%
Change since IPO	37,855.56%

Recent News & Updates

Aug 18

A Look At The Fair Value Of NIBE Industrier AB (publ) (STO:NIBE B)

Today we will run through one way of estimating the intrinsic value of NIBE Industrier AB (publ) ( STO:NIBE B ) by...

Jul 27

Here's Why NIBE Industrier (STO:NIBE B) Can Manage Its Debt Responsibly

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...

Shareholder Returns

	NIBE B	SE Building	SE Market
7D	8.7%	3.4%	0.05%
1Y	-8.3%	-12.8%	-19.8%

Return vs Industry: NIBE B exceeded the Swedish Building industry which returned -14.3% over the past year.

Return vs Market: NIBE B exceeded the Swedish Market which returned -21.8% over the past year.

Price Volatility

Is NIBE B's price volatile compared to industry and market?
NIBE B volatility
NIBE B Average Weekly Movement	6.0%
Building Industry Average Movement	5.8%
Market Average Movement	7.1%
10% most volatile stocks in SE Market	12.3%
10% least volatile stocks in SE Market	4.5%

Stable Share Price: NIBE B is not significantly more volatile than the rest of Swedish stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: NIBE B's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1949	20,400	Gerteric Lindquist	https://www.nibe.com

NIBE Industrier AB (publ), together with its subsidiaries, develops, manufactures, markets, and sells various energy-efficient solutions for indoor climate comfort, and components and solutions for intelligent heating and control in Nordic countries, rest of Europe, North America, and internationally. The company operates through three business areas: NIBE Climate Solutions, NIBE Element, and NIBE Stoves. The NIBE Climate Solutions business area offers indoor climate comfort products, such as heat pumps, ventilation products and air conditioning, climate control systems, water heaters and accumulator tanks, district heating products, PV panels, domestic boilers, commercial washing machines, and tumble dryers for homes, apartment blocks, and commercial properties.

NIBE Industrier Fundamentals Summary

How do NIBE Industrier's earnings and revenue compare to its market cap?
NIBE B fundamental statistics
Market Cap	kr215.22b
Earnings (TTM)	kr3.35b
Revenue (TTM)	kr32.75b

64.3x

P/E Ratio

6.6x

P/S Ratio

Is NIBE B overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
NIBE B income statement (TTM)
Revenue	kr32.75b
Cost of Revenue	kr22.20b
Gross Profit	kr10.55b
Other Expenses	kr7.20b
Earnings	kr3.35b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 18, 2022

Earnings per share (EPS)	1.66
Gross Margin	32.21%
Net Profit Margin	10.22%
Debt/Equity Ratio	46.2%

How did NIBE B perform over the long term?

See historical performance and comparison

Dividends

0.5%

Current Dividend Yield

30%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is NIBE B undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NIBE B?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for NIBE B. This is calculated by dividing NIBE B's market cap by their current preferred multiple.
What is NIBE B's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	kr215.22b

NIBE B key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	6.8x
Enterprise Value/EBITDA	42.4x
PEG Ratio	4.4x

Price to Earnings Ratio vs Peers

How does NIBE B's PE Ratio compare to its peers?

NIBE B PE Ratio vs Peers

The above table shows the PE ratio for NIBE B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	21x
ASSA B ASSA ABLOY	23.2x	8.9%	kr265.0b
MTRS Munters Group	25.6x	19.3%	kr13.9b
SYSR Systemair	23.2x	13.6%	kr12.6b
LIAB Lindab International	11.9x	-5.4%	kr12.8b
NIBE B NIBE Industrier	64.3x	14.5%	kr215.2b

Price-To-Earnings vs Peers: NIBE B is expensive based on its Price-To-Earnings Ratio (64.3x) compared to the peer average (21x).

Price to Earnings Ratio vs Industry

How does NIBE B's PE Ratio compare vs other companies in the European Building Industry?

Price-To-Earnings vs Industry: NIBE B is expensive based on its Price-To-Earnings Ratio (64.3x) compared to the Swedish Building industry average (18.4x)

Price to Earnings Ratio vs Fair Ratio

What is NIBE B's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NIBE B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	64.3x
Fair PE Ratio	33.9x

Price-To-Earnings vs Fair Ratio: NIBE B is expensive based on its Price-To-Earnings Ratio (64.3x) compared to the estimated Fair Price-To-Earnings Ratio (33.9x).

Share Price vs Fair Value

What is the Fair Price of NIBE B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NIBE B (SEK106.75) is trading above our estimate of fair value (SEK95.12)

Significantly Below Fair Value: NIBE B is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Future Growth

How is NIBE Industrier forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

14.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: NIBE B's forecast earnings growth (14.5% per year) is above the savings rate (0.4%).

Earnings vs Market: NIBE B's earnings (14.5% per year) are forecast to grow slower than the Swedish market (16.1% per year).

High Growth Earnings: NIBE B's earnings are forecast to grow, but not significantly.

Revenue vs Market: NIBE B's revenue (11.1% per year) is forecast to grow faster than the Swedish market (10.9% per year).

High Growth Revenue: NIBE B's revenue (11.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: NIBE B's Return on Equity is forecast to be low in 3 years time (16.7%).

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Past Performance

How has NIBE Industrier performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

17.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: NIBE B has high quality earnings.

Growing Profit Margin: NIBE B's current net profit margins (10.2%) are lower than last year (11.1%).

Past Earnings Growth Analysis

Earnings Trend: NIBE B's earnings have grown by 17.5% per year over the past 5 years.

Accelerating Growth: NIBE B's earnings growth over the past year (8.8%) is below its 5-year average (17.5% per year).

Earnings vs Industry: NIBE B earnings growth over the past year (8.8%) underperformed the Building industry 35.5%.

Return on Equity

High ROE: NIBE B's Return on Equity (15%) is considered low.

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Financial Health

How is NIBE Industrier's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: NIBE B's short term assets (SEK17.5B) exceed its short term liabilities (SEK9.6B).

Long Term Liabilities: NIBE B's short term assets (SEK17.5B) exceed its long term liabilities (SEK13.0B).

Debt to Equity History and Analysis

Debt Level: NIBE B's net debt to equity ratio (27.8%) is considered satisfactory.

Reducing Debt: NIBE B's debt to equity ratio has reduced from 69.7% to 46.2% over the past 5 years.

Debt Coverage: NIBE B's debt is well covered by operating cash flow (23.5%).

Interest Coverage: NIBE B's interest payments on its debt are well covered by EBIT (24.2x coverage).

Balance Sheet

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Dividend

What is NIBE Industrier current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

0.47%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: NIBE B's dividend (0.47%) isn’t notable compared to the bottom 25% of dividend payers in the Swedish market (1.52%).

High Dividend: NIBE B's dividend (0.47%) is low compared to the top 25% of dividend payers in the Swedish market (5.42%).

Stability and Growth of Payments

Stable Dividend: NIBE B is not paying a notable dividend for the Swedish market, therefore no need to check if payments are stable.

Growing Dividend: NIBE B is not paying a notable dividend for the Swedish market, therefore no need to check if payments are increasing.

Earnings Payout to Shareholders

Earnings Coverage: NIBE B is not paying a notable dividend for the Swedish market.

Cash Payout to Shareholders

Cash Flow Coverage: NIBE B is not paying a notable dividend for the Swedish market.

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Management

How experienced are the management team and are they aligned to shareholders interests?

12.3yrs

Average board tenure

CEO

Gerteric Lindquist (71 yo)

no data

Tenure

kr8,258,000

Compensation

Mr. Gerteric Lindquist serves as the Chief Executive Officer and Managing Director of NIBE Industrier AB (publ) and served as its President. Mr. Lindquist also serves as the Chief Executive Officer and Man...

CEO Compensation Analysis

Compensation vs Market: Gerteric's total compensation ($USD790.32K) is below average for companies of similar size in the Swedish market ($USD2.47M).

Compensation vs Earnings: Gerteric's compensation has been consistent with company performance over the past year.

Board Members

Experienced Board: NIBE B's board of directors are seasoned and experienced ( 12.3 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: NIBE B insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/18 00:00
End of Day Share Price	2022/08/18 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31