Nordic Waterproofing Holding

Kingspan bids SEK 182.5/shareNWG's board recommends accepting the bidHighly likely the bid will go throughSEK 182.5/sh bid highly likely to go throughNordic Waterproofing's (NWG) largest owner Kingspan places a bid of SEK 182.5 per share, representing...

- Both segments performed above our expectations in Q3 - EBIT up 2-1%, market to remain weak in H1'25e - 15x '24e EV/EBIT on bottom-of-cycle earnings, 11x for '25e Q3 better than expected, but end-markets still soft Nordic Waterproofing (NWG) reported...

Q3e: EBIT +9% y-o-y, core bitumen operations stable Rate cuts should support gradual recovery from H2'25e 15x '24e EV/EBIT on bottom-of-cycle earnings, 11x in '25e Q3e: core bitumen operations stable, installations struggle For Q3e, we expect Nordic ...

- Q2 EBIT 4% below FactSet consensus on lower margin - We lower our '24e-'26e EBIT estimates by 7-3% - 15x EV/EBIT on depressed '24e earnings, 11x in '25e Q3e: flattening volume decline, prices seem to have troughed Nordic Waterproofing (NWG) delivered...

- EBIT SEK 131m (-11% vs. ABGSCe, -4% vs. FactSet cons) - We expect consensus EBIT to come down by 2-3% - Trading at 14-10x '24e-'25e EV/EBIT on our pre-Q2 estimates Q2 outcome Sales were SEK 1,196m (-1% vs. ABGSCe 1,208m, -1% vs. FactSet cons 1,213m...

- Q2e: lower top-line y-o-y, but strong GM supports EBIT - EBIT down 5-4% on slower assumed market recovery - Share trading at 14-10x '24e-'25e EV/EBIT Q2e: lower top-line y-o-y, but strong gross margin We expect Nordic Waterproofing (NWG) to report ...