Estimate changes and outlook On isolated numbers, ‘22e EBITA estimates comes down 6%. Management expects contiued pressure on the gross margin in H2’22 due to material supply shortages. On the postive side, management highlights that it looks forward to increasing its acquisition rate in the future, although highlighting difficulties to agree with sellers on price levels for the time being. Finally, Henrik Nordin has now started as the group’s new CFO, thus replacing interim CFO Lars Westlund.
Final thoughts The share trades at 7.5-6.6x ’23-24e EV/EBITA on our pre-report estimates and yesterday’s share price.
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