Using a DCF and a peer valuation we arrive at a fair value range of SEK 180-390 per share for Awardit. At the current price, the stock trades at 16.8x our ’22e EBITA. In our M&A scenario, Awardit can grow its EBITA by 27% annually from ’22e-’26e, which would give a ’26e valuation of 7x EV/EBITA.