Following the Q1 report, Inderes is reiterating its Add rating for heat pump manufacturer Nibe with a target price of SEK 44. Analysts assess that the report was broadly in line with expectations.

Climate Solutions continued to show a gradual recovery with organic growth of 10.3 percent and improved margins, while Stoves remained weighed down by weak consumer confidence.

Inderes believes the European heat pump market is showing improved demand trends and has slightly raised its earnings estimates for the coming years. The valuation is described as attractive relative to the company's historical multiples.