Here is the company report on NIBE from Lucas following Q1. 
In our view, NIBE’s start to the year was strong, and the Q1 report was mostly in line with our expectations. Although the Stoves segment continued to be a drag and the near-term outlook is slightly softer than we expected, organic growth and margins in the core Climate Solutions business area continued their gradual recovery. Furthermore, data from the European heat pump market indicate improving demand trends, which supports our forecasts for a continued recovery. Medium-term valuation multiples (2026-2027: P/E 21-24x and EV/EBIT: 16-19x) are below the company’s long-term medians and appear attractive to us. 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 level, and we reiterate our Accumulate rating and SEK 44 target price for the share.