On our estimates, the share is trading on EV/EBIT ’22e of 12x, ~12% above its 5Y historical average, but now with a higher growth rate than historically at 36% EBIT CAGR ’20-’23e. This is largely driven by EFUEL, which management expects to grow 70-100% per year while delivering a >10% EBIT margin. We expect a slightly lower growth rate of 50%, but still see it contributing SEK 300m in sales already in 2023e.
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