With proforma sales of SEK ~800m, we believe the company is well in reach of achieving our estimated ‘22e sales of SEK 852m. The company, however, has pointed out SEK 1bn in ’22 sales as attainable by producing a similar growth in 2022 as in 2021. At today’s presentation, Niklas explained that he thinks they can grow faster than the underlying market, which we estimate is growing at ~10% annually. He pointed to the fact that Awardit is able to derive revenue synergies from its acquisitions, as it can reach a wider audience with its private label products with each acquisition. In addition, the partnership network benefits from scale as it becomes more attractive for clients to sign up. In terms of acquisitions, Niklas said there are potential targets in multiple parts of Europe and the Nordics, but also in more exotic regions like the middle east and Turkey. The most likely target regions in near-term, however, seems to be DACH, and Nordic countries outside of Sweden. He also indicated that we shouldn’t expect any more acquisition before year-end. But with the recent capital raise, we think a new acquisition could be announced in early 2022.
On track to become a European market leader
We continue to have a positive view on the business. With a platform that benefits heavily from scale, and still relatively low competition in the consolidation r
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