Lindab International AB (publ) (LIAB.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

Lindab International AB (publ) develops, manufactures, markets, distributes, and sells products and system solutions for construction and improved indoor climate.The company operates through three segments: Ventilation Systems, Profile Systems, and Building Systems.It offers products and systems for ventilation, cooling, and heating, as well as construction products and building solutions, such as steel rainwater systems; roof and wall cladding; and steel profiles for wall, roof and beam constructions, and buildings.

The company also provides prefabricated steel construction systems, as well as proprietary IT software that simplify the project planning and quotation process for designers and contractors.In addition, it offers indoor climate products, such as air diffusers, water-borne climate systems, and acoustics.Lindab International AB (publ) offers its products through a network of approximately 128 branches, as well as through building contractors and retailers primarily in the Nordic region, Western Europe, Switzerland, Central and Eastern Europe/the Commonwealth of Independent States, and internationally.

The company was formerly known as Lindab Intressenter AB and changed its name to Lindab International AB (publ) in May 2006.Lindab International AB (publ) was founded in 1959 and is headquartered in Bastad, Sweden.

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1.b. Last Insights on LIAB

Lindab International AB's recent performance was positively driven by record ventilation sales, showcasing the company's resilience in a challenging market. Despite headwinds in key markets like Germany and Sweden, the company's ventilation systems segment demonstrated strong growth. A potential undervaluation in the European market may also be supporting the company's prospects. With a focus on navigating economic uncertainties, Lindab's ability to maintain a robust sales performance could be a key factor in its future growth trajectory.

1.c. Company Highlights

Last Price	207.8
Change Percentage	-0.86%
Open	209.4
Previous Close	209.6
Market Cap ( Millions)	16008
Volume	43318
Year High	246
Year Low	164
M A 50	209.04
M A 200	205.14

FCF Yield	7.46%
Dividend Yield	2.60%
ROE	7.54%
Debt / Equity	63.33%
Net Debt / EBIDTA	211.78%
Price To Book	2.17
Price Earnings Ratio	29.32
Price To FCF	13.4
Price To sales	1.23
EV / EBITDA	10.25

2. Transcript Summary

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3. NewsRoom

European Stocks That May Be Trading Below Estimated Value

Dec -02

Source:

Lindab International AB (FRA:L5E) Q3 2025 Earnings Call Highlights: Record Ventilation Sales ...

Oct -24

Source:

European Stocks That Might Be Trading Below Value Estimates In October 2025

Oct -20

Source:

Lindab International AB (FRA:L5E) Q2 2025 Earnings Call Highlights: Strong Organic Growth Amid ...

Jul -19

Source:

Lindab International AB (FRA:L5E) Q1 2025 Earnings Call Highlights: Record Ventilation Sales ...

May -07

Source:

3 European Stocks Estimated To Be Trading Up To 49.7% Below Intrinsic Value

Apr -21

Source:

Three Promising Undervalued European Small Caps With Insider Buying

Mar -04

Source:

European Market's Estimated Value Opportunities For February 2025

Feb -28

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.52%)

6. Segments

Ventilation Systems

Expected Growth: 3%

Lindab International AB's Ventilation Systems segment growth is driven by increasing demand for energy-efficient solutions, stringent government regulations on indoor air quality, and rising construction activities in commercial and residential sectors. Additionally, the company's strategic acquisitions and expansion into new markets contribute to its growth momentum.

Profile Systems

Expected Growth: 5%

Profile Systems from Lindab International AB (publ) exhibits 5% growth driven by increasing demand for sustainable building solutions, expansion into new geographic markets, and strategic partnerships. Additionally, investments in digitalization and product innovation enhance competitiveness, while a strong brand reputation and customer loyalty contribute to steady revenue growth.

7. Detailed Products

Roofing and Cladding

Lindab International AB (publ) offers a range of roofing and cladding products, including roofing sheets, wall cladding, and flashing, designed for industrial, commercial, and residential buildings.

Rainwater Systems

Lindab's rainwater systems include gutters, downpipes, and accessories, designed to efficiently manage rainwater runoff and prevent water damage.

Ventilation Systems

The company offers a range of ventilation products, including air diffusers, grilles, and louvres, designed to improve indoor air quality and thermal comfort.

Solutions for Indoor Climate

Lindab provides solutions for indoor climate control, including heating, cooling, and ventilation systems, designed to create a comfortable and healthy indoor environment.

Acoustic Solutions

The company offers acoustic solutions, including sound-absorbing panels and acoustic screens, designed to reduce noise levels and improve sound quality.

8. Lindab International AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Lindab International AB (publ) operates in the ventilation and building products industry, where substitutes are available, but not easily accessible. The company's products are designed to meet specific customer needs, making it difficult for substitutes to gain traction.

Bargaining Power Of Customers

Lindab International AB (publ) has a diverse customer base, which reduces the bargaining power of individual customers. The company's products are also customized to meet specific customer needs, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Lindab International AB (publ) relies on a network of suppliers for raw materials and components. While the company has some bargaining power due to its size, suppliers also have some leverage due to the specialized nature of the products.

Threat Of New Entrants

The ventilation and building products industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This makes it difficult for new entrants to gain a foothold in the market.

Intensity Of Rivalry

The ventilation and building products industry is highly competitive, with several established players competing for market share. Lindab International AB (publ) faces intense competition from rivals, which can lead to pricing pressure and reduced margins.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	26.21%
Debt Cost	5.89%
Equity Weight	73.79%
Equity Cost	10.72%
WACC	9.46%
Leverage	35.53%

11. Quality Control: Lindab International AB (publ) passed 6 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

James Halstead

A-Score: 5.4/10

Value: 4.8

Growth: 3.4

Quality: 8.2

Yield: 8.1

Momentum: 1.0

Volatility: 6.7

1-Year Total Return ->

Deceuninck

A-Score: 5.3/10

Value: 7.2

Growth: 4.8

Quality: 4.2

Yield: 5.6

Momentum: 2.0

Volatility: 8.0

1-Year Total Return ->

Stelrad

A-Score: 5.2/10

Value: 4.6

Growth: 5.6

Quality: 3.5

Yield: 6.9

Momentum: 6.5

Volatility: 4.3

1-Year Total Return ->

Norcros

A-Score: 4.6/10

Value: 5.1

Growth: 2.2

Quality: 4.0

Yield: 6.9

Momentum: 6.0

Volatility: 3.3

1-Year Total Return ->

Genuit

A-Score: 4.4/10

Value: 5.3

Growth: 3.6

Quality: 6.1

Yield: 5.0

Momentum: 1.5

Volatility: 5.0

1-Year Total Return ->

Lindab

A-Score: 3.5/10

Value: 3.0

Growth: 5.3

Quality: 3.8

Yield: 3.8

Momentum: 1.5

Volatility: 3.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

3.01%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

9.46%

Lindab International AB (publ) - SE0001852419

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on LIAB

1.c. Company Highlights

Average Growth

Stable Momentum

Fairly Valued

Earnings Miss

Revenues Miss

Earnings Beats

Revenues Beats

Strong Momentum

Medium Volatility

Average Quality

Average Yield

Weak Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.52%)

6. Segments

Ventilation Systems

Expected Growth: 3%

Profile Systems

Expected Growth: 5%

7. Detailed Products

Roofing and Cladding

Rainwater Systems

Ventilation Systems

Solutions for Indoor Climate

Acoustic Solutions

8. Lindab International AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Lindab International AB (publ) passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

207.8$

Current Price

207.8$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA