Here is a fresh company report on NIBE from Lucas 
NIBE’s Q4 report fell slightly short of our expectations, mainly due to stronger-than-expected currency headwinds. However, underlying organic growth and margins were strong, especially in the key Climate Solutions business area, which gives us more confidence in the current turnaround. Despite the recent rise in the share price, we still believe that the valuation (P/E 2026-2027: 25x and 21x) is attractive. As a result, we reiterate our Accumulate recommendation but raise our target price to SEK 44 per share (prev. SEK 38 per share), mainly due to raised forecasts and a slightly lowered risk profile.