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NIBE B
NIBE Industrier AB (publ)·Industrial Equipment & Components·SE
NIBE Industrier AB is a Swedish company that specializes in the development and manufacturing of energy-efficient heating solutions, including heat pumps, water heaters, and related products. The comp...
1 Total1 External0 In-site
NIBE BNIBE Industrier AB (publ)
2026-04-02🏭 IndustrialsPitch
Externalby Protean Funds Scandinavia AB · Other
Protean Funds Scandinavia AB on NIBE Industrier AB (publ) (NIBE B)
主要经营地
SE
详细生意模式
欧洲热泵和建筑产品领导者。主要产品：热泵、空调、电热水器。2025年收入$40.8B SEK，EBITDA $5.6B。竞争格局：与Bosch、Viessmann竞争，NIBE是欧洲主导者。
护城河
🟡中偏弱：欧洲热泵领导地位；规模和采购优势。但2025-2026需求大幅下滑，竞争加剧，Asian竞争者进入。
估值水平
PE 33.9x, EV/EBITDA 15.0x（vs同行12-18x略贵），FCF Yield 4.2%（同行avg 4.0%）
EV/Market Cap
EV $94.2B SEK / MC $77.1B SEK
网络观点
NIBE因2年库存去化和需求弱势下跌70%。论点：能源危机将持久重燃欧洲对效率和能源独立的关注。当前估值被永久减值定价。
AI观点
German热泵subsidy applications +49%但residential orders -15-20%，混合信号；需求底部不明朗；Asian竞争进入；天然气已回到pre-shock水平削弱需求假设。结论：护城河被demand shock削弱，当前不是turning point，观望至Q1 2026财报。