Nobia is a kitchen company based in Sweden which maintains operations in ten countries. Co. is engaged in the development, manufacture and distribution of interior solutions for kitchens, bathrooms and storage. Co. manufactures and sells complete kitchen solutions through many strong local and international brands, including Magnet in the United Kingdom, HTH in the Nordic region, Hygena in France and Poggenpohl internationally. Sales are generated through specialized kitchen studios, retailers and direct to corporate customers. Co. maintains a portfolio of approximately 19 strong brands sold mainly in Europe, but also worldwide.
  • TickerNOBI
  • ISINSE0000949331
  • ExchangeNasdaq Nordic Stockholm
  • SectorHousehold Goods & Home Construction
  • CountrySweden

Analysts

For NOBIA AB, the environment deterioration entails a downgrade to Neutral

NOBIA AB (SE), a company active in the Furnishings industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date August 6, 2019, the closing price was SEK 60.20 and its expected value was estimated at SEK 57.09.

Christer Magnergård ...
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Mattias Holmberg

Nobia (Buy, TP: SEK70.00) - A demonstration of strength

The Q2 report showed that Nobia, despite continued market uncertainty, is well equipped to increase sales and improve profitability. The 9% EBIT beat versus consensus indicates that Nobia’s more robust retail business can offset the weakness in the project markets better than consensus forecasts. We reiterate our BUY and have lifted our target price to SEK70 (65) on 2% higher EBIT estimates for 2019–2021.

Mattias Holmberg ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

1 director bought

A director at Nobia AB bought 44,574 shares at 56.759SEK and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...

Mattias Holmberg

Nobia (Buy, TP: SEK70.00) - A demonstration of strength

The Q2 report showed that Nobia, despite continued market uncertainty, is well equipped to increase sales and improve profitability. The 9% EBIT beat versus consensus indicates that Nobia’s more robust retail business can offset the weakness in the project markets better than consensus forecasts. We reiterate our BUY and have lifted our target price to SEK70 (65) on 2% higher EBIT estimates for 2019–2021.

Mattias Holmberg

Nobia (Buy, TP: SEK68.00) - Solid start to what could be a tough year

We were impressed organic sales fell by just 1% YOY in Q1 (we expected -3%) given the double-digit decline in Sweden (set to slow further in Q2–Q3 according to Nobia) and the ongoing Brexit-related uncertainty. Morten Falkenberg is stepping down as CEO after nine years, but we believe his successor, Jon Sintorn from Permobil, brings a wealth of experience. We reiterate our BUY and have raised our target price to SEK68 (65).

Mattias Holmberg

Nobia (Buy, TP: SEK65.00) - The opportunity of a slowdown

2019e is set to be a challenging year for Nobia with uncertainty over Brexit and weakening demand from the Swedish residential construction market. However, Nobia is utilising the opportunity by taking measures to improve efficiency and productivity, offering the potential for further long-term margin expansion. BUY reiterated, target price raised to SEK65 (59).

Mattias Holmberg

Nobia (Buy, TP: SEK59.00) - Not as bad as it looks

Q4 was affected by two nonrecurring items – SEK66m in pension costs that do not affect cash flow and a SEK88m charge related to the earlier-announced cost-savings programme. Adjusting for these items, EBIT was SEK263m (4% below Factset consensus). The proposed DPS of SEK4.00 was a positive surprise, corresponding to a yield of 8%. Our positive view remains intact and we reiterate our BUY, but have trimmed our target price to SEK59 (60), having lowered our 2020–2021e EBIT by 3%.

Mattias Holmberg

Nobia (Buy, TP: SEK77.00) - Sweet n’ sour

The Q3 results disappointed as the hot summer resulted in lower activity in the Nordics while the UK business suffered from lower B2B and project sales. However, Nobia announced a cost-savings programme, which it expects to generate SEK100m in annual cost savings. We reiterate our BUY but have lowered our target price to SEK77 (80).

1 director bought

A director at Nobia AB bought 44,574 shares at 56.759SEK and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...

Christer Magnergård ...
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Mattias Holmberg ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Frank Maaø ...
  • Håkon Astrup
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Paul Harper
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Jon Masdal ...
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Paul Harper

Northern Lights

Christoffer Wang Bjørnsen ...
  • Jon Masdal
  • Mattias Holmberg
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

For NOBIA AB, the environment deterioration entails a downgrade to Neutral

NOBIA AB (SE), a company active in the Furnishings industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date August 6, 2019, the closing price was SEK 60.20 and its expected value was estimated at SEK 57.09.

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