Due to better OCF in the period, net debt at the end of Q2 came in at SEK 137m (excluding IFRS-16 lease obligations of SEK 38m). Reported net-debt-to-EBITDA levels are now at 1.62x, down from 3.17x at the end of Q2 last year.
Attractive valuation assuming any growth, DCF value raised to SEK 53
Based on upgraded earnings, a steady-state EBIT margin of 2.5% and a WACC of 8.1%, we arrive at our new mid-point DCF-based equity value of SEK 53 per share (raised from SEK 50 previously). At this level the equity would trade at a prospective EV/EBIT of 9x our 2021 estimates – still a 25% discount to its distribution and retail peer group median valuation of 12x.
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