We have cut our organic sales assumptions by 1% over the coming years and lower our underlying margin estimates slightly. However, as we add the recently acquired HYMA, AH Trading and Hafa, our ’22-’23 earnings estimates have been raised by 8% and 7%, respectively. Though, with a higher indebtedness (NIBD/EBITDA of 1.7x at year-end), we leave our valuation range of SEK 88-224 unchanged.
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