Earnings forecasts and price targets lowered following Nibe's report

Heating technology group Nibe has seen a slight downward revision in earnings estimates following its first-quarter report, alongside a reduction in the average analyst price target. However, consensus still points to sales growth for both the current and next fiscal year.

Nibe reported net sales of SEK 9,650 million for the first quarter, compared to the analyst consensus of SEK 9,608 million. Operating profit amounted to SEK 868 million against an expected SEK 859 million, while the operating margin reached 9.0 percent, compared to the anticipated 8.9 percent.

The stock, which fell 7.3 percent on the day of the report, is currently down 6.0 percent since the release, while the blue-chip OMXS30 index has gained 4.4 percent.

Based on estimates received following the interim report, the Factset consensus for this year's adjusted operating profit has declined by 0.8 percent, while the forecast for next year has been adjusted downward by 0.3 percent. Meanwhile, sales estimates have been raised by 0.6 percent for the current year and by 1.0 percent for next year.

The average recommendation for Nibe has simultaneously been downgraded to 'hold' from 'overweight'. The average price target has been lowered to SEK 43.33 from the previous SEK 44.75, representing an upside of approximately 6.8 percent from the current share price.

The distribution of recommendations now consists of 47 percent positive, 33 percent hold, and 20 percent negative. Prior to the report, the distribution stood at 50 percent positive, 36 percent hold, and 14 percent negative.

Nibe
Report date	2026-05-19
Share price performance on report day	-7.3%
OMXS30 performance since report day	4.4%
Date	2026-05-25	2026-05-18	Difference	Number of estimates
Share price	40.58	43.15	-6.0%
Average price target	43.33	44.75	-3.2%
Spread: price target vs current share price	6.78%	3.71%
Consensus recommendation	Hold	Overweight		15
Share of positive recommendations	47%	50%		7
Share of hold recommendations	33%	36%		5
Share of negative recommendations	20%	14%		3
Sales, current year	42,833	42,561	0.6%	14
Sales, next year	45,937	45,488	1.0%	14
Sales growth, next year	7.2%	6.9%
Adjusted EBIT, current year	4,978	5,018	-0.8%	14
Adjusted EBIT, next year	5,647	5,662	-0.3%	14
Adjusted EBIT growth, next year	13.4%	12.8%
Dividend (avg), current year	0.51	0.51	-0.8%	14
Dividend (avg), next year	0.60	0.60	0.3%	14
Source: Factset