Nibe's equity has failed to capitalize on resilient demand signals from its key German market, according to a new note from DNB Carnegie.
The Swedish heat pump manufacturer's shares have remained under pressure despite fresh data indicating that the German market for heating technology is holding up better than many investors might expect.
The broker points to recently published figures for May, which show approximately 33,600 heat pump applications in Germany.
This volume represents a stable trend in a market that has been critical for Nibe's growth trajectory.
The consistency in application numbers suggests that the structural shift toward electric heating in Germany is continuing, even if the pace of adoption has normalized from earlier peaks.
Despite this fundamental stability, Nibe's stock has not reflected the positive underlying data.