Lucas has prepared a pre-company report on Nibe, which will publish its Q3 results on Friday, November 14. 
NIBE’s valuation has continued to moderate, while data from the European heat pump market still shows positive signs of recovery, supporting our forecasts. The medium-term valuation multiples (2026: P/E 21x and EV/EBIT: 17x) are clearly below the company’s long-term medians and appear attractive in our opinion. Therefore, we believe that the company’s interesting long-term investment story can be accessed with a good risk/reward ratio at the current valuation, and we upgrade our recommendation to Add (previously Reduce), but reiterate the target price of SEK 40.0.