In this equity research report, analysts Emil Sköldberg and Fredrik Sölveland take a closer
look at Nilfisk, a world-leading provider of professional cleaning equipment. Nilfisk is
poised to enhance its service-oriented business model and target new markets, with a
target price of 25.8 EUR implied through an equally weighted DCF and peer valuation,
indicating a potential upside of 33.6% by 2025E.

Investment Highlights

• Transforming business model embraces a more service-oriented approach.

• New customer market will drive growth in the specialty segment.

• Enhanced efficiency in production drives margin expansion and increases free cash flow.

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