In this fundamental analysis report, analysts Axel Enberg and Antonio Sherwany take a closer look at
Inwido AB. Inwido is the leading European consolidator in energy-efficient windows and doors,
operating in a highly fragmented market with over 10,000 players. The market underestimates the
Company’s strong M&A capacity, its sustainable positioning to benefit from EU regulatory tailwinds,
and the growing contribution from its e-commerce business. As Inwido transitions toward a higher
leverage profile and a more aggressive acquisition strategy, combined with shifting market trends
among both professional and private customers, the Company is well positioned to deliver a 7%
revenue CAGR through 2030E. Based on an equally weighted DCF and peer valuation, applying a
target multiple of 10.9x 2027E EBIT, an implied target price of SEK 189.1 per share is derived,
corresponding to an upside of 16%.
Investment Thesis
● Record M&A capacity supports value-accretive growth
● Positioned to benefit from EU-regulatory tailwinds (EPBD)
● E-commerce is emerging as a high-margin growth engine