23% ’21-‘24e adj. EBITA CAGR We leave our ‘22e estimates unchanged but lower ‘23e-‘24e sales and adj. EBITA by 2% on a softer economic outlook. We now estimate a ’21-‘24e adj. EBITA CAGR of 23%. The balance sheet remains relatively solid, and we forecast the ‘22e 1.8x ND/EBITDA to decrease to 1.1x in ‘23e and 0.8x in ‘24e. Due to the transition of management in H1’22, we expect to see little M&A activity this year. However, with Ms Reuterskiöld’s experience from Lagercrantz, we expect acquisitions to be made more frequently in the longer term (CBTT historical average of one per year).
9-7x ‘22e-‘23e EV/EBITA The share is trading at 9-7x ‘22e-‘23e EV/EBITA. We reiterate our fair value range of SEK 27-37 per share, corresponding to 9-11x ‘23e EV/EBITA.
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