Systemair AB: Resilient Margins and Promising Growth Outlook Justify Buy Rating

In a report released today, Adela Dashian from Jefferies maintained a Buy rating on Systemair AB (52SA – Research Report), with a price target of SEK100.00.

Adela Dashian has given her Buy rating due to a combination of factors that highlight Systemair AB’s potential for future growth and profitability. The company has shown resilience in its margins, even amidst slower organic growth, which is a positive indicator of its operational efficiency. Management’s outlook for a gradual recovery in the fiscal year 2025/26, particularly in Europe and North America, suggests a promising trajectory for the company’s performance.
Furthermore, despite a downward revision in sales forecasts by 5-6%, there is an anticipated upside in margins that makes the stock attractive. The valuation at 15x EV/EBIT for 2025/26 is considered appealing when compared to historical levels, and the DCF-based target price of SEK 100, which implies an 18x EV/EBIT, supports the Buy recommendation. These factors collectively contribute to the positive outlook for Systemair AB’s stock.

In another report released on June 11, Kepler Capital also maintained a Buy rating on the stock with a SEK105.00 price target.