Rankings Construction & materials Nibe Industrier
Nibe Industrier
64
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- ROIC−4
- Peers−4
- Subsidies and regulation in Germany−4
Strengths
- Cash flow and debt reduction+1
- Momentum and future segment+1
How the score is built
From 100 to 64, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 45.47 SEK
- Median analyst target
- 47.00 SEK
- Upside to median
- +3.4%
- Analysts
- 13
- Target range
- 29.00 – 57.00 SEK
- 52-week change
- +22%
- P/E (trailing)
- 34.6
- Forward P/E
- 24.1
- PEG
- 1.64
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−12 of −30
- −3MarginOperating margin 10.2% (TTM) vs 13–14% in 2021–2023; Stoves is loss-making (−3.5% in Q2). The Q2 margin of 11.4% is progress, but still below the earlier level.
- −4ROICROIC 6.2% (TTM) is below a WACC of 8.1%, vs 12–13% in 2021–2023; acquisitions and capacity expansions in the boom years do not yet earn a return.
- −2Quality of growthRevenue (SEK 41.6bn TTM) is still below the 2023 level of 46.6bn, and EPS for 2025 was SEK 1.13 vs 2.37 in 2023 – smaller and weaker than before the heat-pump crash, even though organic growth has turned (+8.7% in Q2).
- −3Capital allocationNet debt rose from SEK 5.0bn (2021) to 18.0bn after debt-funded acquisitions and heavy investment in 2022–2024 (up to 3.3bn a year); net debt/EBITDA 3.2 and interest cover only 4.5x.
Price
Today's multiples against the company's own history and its peers. · 3 findings−10 of −35
- −3Multiples vs own historyForward P/E 25.1 vs 21.9–29.8 forward in 2023–2025 (43–76 in the 2021–2022 bubble); EV/EBITDA 17.3 vs 17.6–20.5 in 2023 and 2025. Mid-range, but on a ROIC below the cost of capital and after +34% in a year.
- −4PeersForward P/E 25.1 vs Carrier 18.2 and Lennox 14.8; only Trane (27.4) is more expensive – but Trane and Lennox have ROIC of 26% and operating margins of 18–20% vs Nibe's 6% and 10%.
- −3Absolute price levelTrailing P/E 34.8 and an earnings yield of 2.9%; the 5.7% FCF yield is lifted by unusually low investment (0.7bn vs 2–3bn before) – analysts expect FCF of 4.2bn in 2026 (4.5%). The median target of SEK 47 is level with the price.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−7 of −35
- −4Subsidies and regulation in GermanyGermany is replacing its heating law (GEG) with a new building modernisation law in which the 65% renewable heating requirement disappears, and the government plans to cut heat-pump subsidies for middle and high incomes (bonus down to 10% above EUR 50,000); the budget line for efficient buildings has been trimmed.
- −3US politics and tariffsUS demand for heat pumps has weakened after the tax credits expired, and US tariffs are expected to cost Stoves about SEK 150m a year – more than the division's entire 2025 operating profit (about 144m).
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Cash flow and debt reductionFCF rose to SEK 5.3bn (TTM) from 1.8bn in 2024, and net debt has fallen from over 20bn to about 18bn in a year.
- +1Momentum and future segmentQ2 operating profit SEK 1,323m vs an expected 1,089m (the sixth quarter in a row of organic growth); Element grew 11.8% with its margin up from 6.6% to 8.9%, driven by semiconductors and data centres.
Caveats
What the score does not capture, or where the data is weak.
Industry set to 'Construction & materials': heat pumps, water heaters and ventilation (Climate Solutions, about 2/3 of revenue) are sold for home renovation and new construction and follow building activity and subsidy schemes – like peers Carrier, Trane and Lennox, which are classified as building products – not the power grid. Element (heating elements, about 28%) could fit under 'Grid & electrical equipment'. stockanalysis lacks TTM EPS and share count; EPS figures are from the annual reports. Insiders (the Lindquist family and others) own about 19% and control the votes via A shares.
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