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1. Company Snapshot

1.a. Company Description

Systemair AB (publ), a ventilation company, engages in the manufacture and sale of ventilation products in Europe, the United States, the Middle East, Asia, Australia, Africa, and internationally.The company offers heating products, including convectors, controls, ceiling fans, air curtains, radiant and fan heaters; fans and accessories, such as circular and rectangular inline duct, roof, axial, explosion proof, domestic, smoke extract, and other fans, as well as electrical accessories for ventilation and fans for aggressive media; and residential systems comprising residential fans, counter flow and rotary units, vacuum systems, heat pumps, vacuum pumps, ducts, cooker hoods, filters, valves and grilles, and accessories for residential systems.It also provides fire safety products that include fire and smoke control dampers; air distribution products consisting of grilles, air volume controls, diffusers, and external louvers; air handling units, including compact and modular AHUs, roof ventilation units, and compact and modular AHU accessories; and air conditioning systems, such as hydronic and DX systems.


The company's products are used in homes, offices, factories, hospitals, swimming pools, multi-storey car parks, and airports, as well as data centers, schools and public buildings, and marine, and oil and gas industries.It sells its products to ventilation contractors and distributors under the Systemair, Frico, Fantech, and Menerga brand names.Systemair AB (publ) was incorporated in 1972 and is headquartered in Skinnskatteberg, Sweden.

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1.b. Last Insights on SYSR

Systemair AB's recent performance faces challenges due to turbulent European market conditions, with the pan-European STOXX Europe600 Index dropping nearly 2% in September 2025. The company's acquisition of NADI Airtechnics Ltd., a leading Indian manufacturer of industrial fans, may face integration challenges. Additionally, the company's share buyback program, aimed at meeting obligations for share- and performance-based incentive programs, may not be sufficient to offset concerns over slowing growth. Systemair's upcoming Interim Report Q1 2025/26 may provide further insight into the company's performance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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New number of shares and votes in Systemair Aktiebolag

Nov -28

Source: prnewswire.com

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Systemair's interim report for the second quarter published on December 4, 2025

Nov -27

Source: prnewswire.com

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Menerga, a Systemair Company, Wins "Heat Pump Innovation of the Year" Award for CO₂mpass Air Handling Unit

Nov -26

Source:

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Systemair India's Managing Director to lead AMCA International

Nov -13

Source:

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3 Undervalued European Small Caps With Recent Insider Buying

Nov -04

Source:

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3 Undervalued European Small Caps With Insider Action To Consider

Oct -06

Source:

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European Insider Actions Highlight September 2025's Undervalued Small Caps

Sep -05

Source:

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The Board Systemair resolves on share buyback

Sep -02

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.54%)

6. Segments

Ventilation and Heating Products

Expected Growth: 2.5%

Systemair AB's 2.5% growth in Ventilation and Heating Products 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 focus on innovation, strategic acquisitions, and expanding distribution networks contribute to its growth momentum.

Servicing

Expected Growth: 3.5%

Systemair AB's 3.5% growth in servicing is driven by increasing demand for energy-efficient ventilation systems, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on aftermarket services, such as maintenance and repair, contributes to steady revenue growth.

7. Detailed Products

Air Handling Units (AHU)

Systemair's Air Handling Units are designed to provide efficient and reliable air distribution in various applications, including commercial and industrial buildings.

Fan Coil Units (FCU)

Systemair's Fan Coil Units are designed to provide efficient and flexible cooling and heating solutions for various applications.

Chillers

Systemair's Chillers are designed to provide efficient and reliable cooling solutions for various applications, including data centers and industrial processes.

Heat Pumps

Systemair's Heat Pumps are designed to provide efficient and environmentally friendly heating and cooling solutions for various applications.

Ventilation Fans

Systemair's Ventilation Fans are designed to provide efficient and reliable ventilation solutions for various applications, including industrial and commercial buildings.

Air Curtains

Systemair's Air Curtains are designed to provide efficient and reliable air separation solutions for various applications, including commercial and industrial buildings.

Dust Collectors

Systemair's Dust Collectors are designed to provide efficient and reliable dust collection solutions for various industrial applications.

8. Systemair AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Systemair AB (publ) faces moderate threat from substitutes due to the availability of alternative products and services in the ventilation and air conditioning industry.

Bargaining Power Of Customers

Systemair AB (publ) has a diverse customer base, which reduces the bargaining power of individual customers, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

Systemair AB (publ) relies on a few key suppliers for raw materials, which gives them some bargaining power, but the company's large scale of operations helps to mitigate this risk.

Threat Of New Entrants

The ventilation and air conditioning industry has high barriers to entry, including significant capital requirements and regulatory hurdles, making it difficult for new entrants to compete with Systemair AB (publ).

Intensity Of Rivalry

The ventilation and air conditioning industry is highly competitive, with several established players competing for market share, which increases the intensity of rivalry for Systemair AB (publ).

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 25.92%
Debt Cost 4.97%
Equity Weight 74.08%
Equity Cost 10.90%
WACC 9.36%
Leverage 34.99%

11. Quality Control: Systemair 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

Stock-Card
Placoplatre

A-Score: 5.2/10

Value: 4.6

Growth: 0.3

Quality: 6.5

Yield: 5.6

Momentum: 6.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Franchi Umberto Marmi

A-Score: 5.1/10

Value: 7.9

Growth: 2.1

Quality: 5.5

Yield: 6.2

Momentum: 0.5

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
FM Mattsson Mora

A-Score: 5.1/10

Value: 4.6

Growth: 4.7

Quality: 5.8

Yield: 8.1

Momentum: 6.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Zehnder

A-Score: 4.6/10

Value: 3.3

Growth: 2.7

Quality: 5.6

Yield: 3.8

Momentum: 7.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Systemair

A-Score: 4.5/10

Value: 4.0

Growth: 6.6

Quality: 5.7

Yield: 2.5

Momentum: 3.5

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Forbo

A-Score: 4.4/10

Value: 6.2

Growth: 2.7

Quality: 6.1

Yield: 5.0

Momentum: 1.5

Volatility: 4.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

87.0$

Current Price

87$

Potential

-0.00%

Expected Cash-Flows