We think that the business mix of virtual and physical deliveries will normalise in the coming year, but more to a level where they are equally likely. This should, in our view, affect sales positively while weighing on EBITA margins, as deliveries now require more costs for traveling etc. We therefore estimate the 2021e adj. EBITA margin of 14.9% to decrease to 14.5% in 2022e, despite delivering 12% organic growth. The share currently trades at 22.8x 2022e EV/EBITA.
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