Inwido AB (publ) (INWI.ST) : juste valeur

Thèse ACCE

Inwido makes aluminium and PVC windows, doors and roof windows for the Nordic and wider European renovation market, sold largely through a network of distribution partners and installers. Its moat is modest and rests on brand and installer relationships rather than scale, so the case depends on execution: revenue growth of 16.3% against a 10.6% operating margin and a 25.1% gross margin suggests the business is still converting volume into profit at a respectable but not exceptional rate. The near-term question is whether Nordic renovation demand holds up as higher rates weigh on housing activity and whether the company can keep pricing ahead of material costs. At 19.2x trailing and 15.5x forward earnings, the stock is not cheap on the headline multiple, so the forward figure is doing the work of making the valuation look reasonable. This is a name worth a deeper look to test whether margin expansion is structural or cyclical, and to see how much of the 16.3% growth came from acquisitions versus organic demand.