The Q3 report revealed two new acquisitions that had a combined yearly turnover of SEK 26m last year. We include those in our revised forecasts and in total it results in a 2.5% increase in our ‘22e sales estimate. However, due to the lower adj. EBIT margin in Q3 we reduce our adj. EBIT margin assumption by 0.1pp. That results in a small positive revision to our adj. EBIT for ‘22e.
ND/EBITDA down to 0.8x leaves room for more M&A
We argue that the Q3 report was solid, with strong cash flow lowering the ND/EBITDA excl. IFRS 16 to 0.8x. With a robust balance sheet and a business model that is non-cyclical we expect the M&A agenda to continue. We lower our DCF valuation range slightly to SEK 86-158 (87-159) to account for our 0.1pp decrease in the long-term adj. EBIT margin excl. IFRS 16.
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