Analyspodden - bolag & aktier med DNB Carnegie

Avsnitt 270: Medvind för Systemair & teknikdriven tillväxt i Ependion

·50 min·5 clips

Roland Kasper from Systemair reveals why he checks ceilings in stores while others look at products.

The episode is structured as two separate interview segments, each followed by analyst commentary. It begins with the host introducing the format and welcoming Roland Kasper from Systemair. Kasper explains Systemair's 50-year history in ventilation, emphasizing the importance of indoor air quality as people spend up to 90% of their lives indoors. He discusses market dynamics, noting a shift from new construction to renovation driven by the EU Green Deal, though progress is delayed by inflation, interest rates, and geopolitical events. Kasper outlines Systemair's competitive advantages, including global scale, ability to handle regulatory complexity, and a strong balance sheet targeting a 0.69 debt ratio. Analyst Hjalmar comments positively on Systemair's margin goals and structural tailwinds. The second segment features Jenny Sjödal, CEO of Ependion, with analyst Marcus. Sjödal summarizes Ependion's record 2023 results, attributing success to overcoming a component crisis. She describes Ependion's two business areas: industrial data communication (Västermodell) and operator panels (Bayer Electronics). Sjödal notes current weaker order entry linked to economic cycles but highlights long-term structural growth drivers like digitalization in rail and energy infrastructure. She discusses a strategic review focusing Bayer Electronics on narrower, more profitable segments and launching a new product platform. Cybersecurity concerns and geopolitical risks are increasing customer preference for European manufacturing, leading Ependion to start production in Malmö, Sweden. Sjödal states financial goals include 10% organic growth and 15% EBIT margin. Marcus emphasizes the exciting structural trends in energy infrastructure. The episode concludes with summaries from both analysts.

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