(Tiper Stock Exchange) – Mediobanca confirmed the target price (27.50 euros per share) and the recommendation (neutral) on the title CAREL Industriesa group listed on Euronext STAR Milan and active in the production of components to achieve high energy efficiency in the air conditioning and refrigeration markets, after the publication of the results for the first half of 2023.
In the wake of the outlook for the second half of 2023, the analysts write that the focus of the conference call was on the main trends by product category: the positive trends in data centers and Indoor Air Quality should continue in 2H; the heat pumps could temporarily slow down their growth pace in the coming quarters, mainly due to regulatory uncertainty, continuous changes in incentive systems across Europe and persistent bottlenecks from installers; there refrigeration it is expected to gradually recover in the coming quarters.
After the results of the first half of 2023, Mediobanca confirms the estimate on the 2023-25 Adjusted EPS (+0.2% on average). “The company’s outlook for the second half of 2023 seems in line with our sales trajectory which points to organic growth in low-teens sales (+12%) in 2H – reads the research – Our estimates do not include the Kiona’s contribution and the effects of the capital increase”.