The share has traded strong into the numbers, up 27% in the last month and is now trading at 37x NTM EV/EBITA, or ~20% above core peers (Indutrade, Lagercrantz, Lifco and Sdiptech) and 160% above its 5y average. For ‘20/21-‘23/24, we expect a sales CAGR of 9% and adj. EBITA CAGR of 10%. However, we do not include any more acquisitions in our estimates and management has said that the M&A pipeline is strong, so there is upside risk to our forecasts.
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