Danske Bank har mod betaling udarbejdet denne analyse af Danfoss A/S:
Danfoss reported 13% organic revenue growth y/y for H1 22 as overall revenue increased 50% y/y – mainly due to the acquisition of Eaton’s hydraulics business. Net debt to EBITDA remained flattish vs. end-2021 despite a 31% increase in EBITDA y/y due to negative operating cash flow following increased R&D spending and supply chain issues. We expect cash flow to normalise during H2 22, which is likely to drive further deleveraging. We remain comfortable with the investment case as fundamentals are strong despite increased macro headwinds and we believe Danfoss is likely to focus on further deleveraging over the next 12 months. Although the valuation of outstanding bonds reflects the strong fundamentals, trading close to the BBB+ industrial curve, we maintain our Overweight recommendation.
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