Balco, a leading provider of mainly glazed balconies, looks well-placed to capitalize on structural demand for energy-saving solutions for buildings, a key focus in the EU’s green transformation policy. Its new ambitious EPS growth target (+20% p.a.), builds from solid single-digit organic growth and M&A (that could add SEK 39 per share, we reckon), as well as expanding margins (leverage, M&A integration). We reiterate our mid-point value of SEK 145.
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