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Energy Save: Ready to ride the next green wave - ABG

Niche heat pump OEM with high growth potential
Return to positive margins FY'25/26e
10-5x EBIT '25e-'26e, FV range SEK 28-74


A heat pump OEM with >20% growth ambitions

Energy Save is a Swedish heat pump manufacturer (~75% residential, ~25% commercial) that uses in-house R&D and outsourced production to secure a cost-effective and scalable organisation. The company has historically grown sales by ~30% (FY'17/18-'23/24e), and has shown an ability to generate profits with ~33% gross margins (14% EBIT margin FY'22/23). Energy Save aims to outgrow the market, which it expects to grow by 20% p.a. '22-'30e (ABGSCe ~10% CAGR), and deliver a 15% margin.
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