In this equity research report, analysts Tilde Edlund Bäckström and Tom Henriksson take a
closer look at Nederman, a Swedish industrial company that offers products that clean air
through filters and can measure- and monitor air quality. Nederman is set to continue to gain
market share in a fragmented industry due to its premium brand and therefore grow faster
than the global air filtration market at a revenue CAGR of 7.4% in 2023A-2027E. The target
price of SEK 247.5 is based on an equally weighted peer and DCF analysis.
Investment Highlights
● Growth in high-margin segment leading to an EBITA-margin expansion.
● Subscription based service offering leads to increasing recurring revenue.
● Efficient capital allocation strategy leads to further scalability.