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Investing.com - Berenberg initiated coverage on Inwido AB (SS:INWI) with a Buy rating and a price target of SEK228.00, citing the company’s strong market position and growth potential.
The research firm highlighted Inwido as a leading European window group that manufactures and sells customized windows and doors through a decentralized structure of 35 independent businesses.
Berenberg noted that Inwido has demonstrated remarkable resilience, maintaining stable margins despite experiencing more than a 20% drop in organic sales over the past two years.
The firm emphasized Inwido’s strong return on tangible capital of approximately 60% since its IPO in 2014, suggesting that window producers with strong market positions in niche segments tend to be profitable.
At 13 times 2025 EV/EBITA, Berenberg believes Inwido is undervalued given its potential to compound earnings in the double digits, with additional upside potential from the ongoing recovery in the Nordic housing sector.
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