CBTT is trading at 10x ‘22e EV/EBITA while offering lease adj. FCF yield of 10-12% ’22-23e. We estimate ‘21e NIB/EBITDA of 2.4x and 21’e cash/sales of 14%. As such, we consider CBTT to have an excess of cash that could be used for further acquisitions in the short term, adding to our estimates. Finally, we reiterate our valuation range of SEK 28-48.
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