DistIT is trading at 8x ‘22e EV/EBIT while offering ‘21e-‘23e lease adj. FCF yield of 8-11%. In addition, the recently communicated M&A strategy combined with ‘21e net debt/EBITDA of 0.7x leaves plenty of room for DistIT to enhance growth through acquisitions, which is not included in our estimates. DistIT expects to be able to acquire companies at ~3.5x EBIT after synergies, and expected M&A firepower of SEK 1.5-2bn implies it could overshoot its ‘25e sales target of 3.5bn by ~100%.
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