We slightly lower our ‘21-‘22 sales estimates by -3% and -1%, respectively, due to the sales miss in Q2’21. We expect ‘21e sales of SEK 830m, down -12% y-o-y. We expect Eltel to reverse the downturn in net sales and generate sales growth of 1-2% in ‘22e and ‘23e. Eltel has communicated that it is preparing for potential future acquisitions, which could add to our estimates. Meanwhile, we lower ‘21e-‘23e adj. EBITA by 10%-8% based on lower sales and margin assumptions. The latter since the adj. EBITA boost in Denmark is expected to be isolated to Q2’21.
17x ‘22e EV/EBITA, a 2021e-’23e adj. EBITA CAGR of 27%
Eltel is trading at 17x ‘22e EV/EBITA, which is in line with the peer group average, while offering a ‘21e-‘23e adj. EBITA CAGR of 27%. We slightly lower our fair value range to SEK 19-30 per share (21-32) based on the lower EBITA estimates.
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