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SENASTE
Sales growth in Q4 was slightly better than consensus (Refinitiv) expected, with organic growth of 15% y/y. The company's profitability has also been decent, reaching the long-term target in Q4 and also for full-year 2021. Guidance indicates that the sales growth will continue and the EBIT margin is expected to stay close to 8.5% in 2022. However, the most recent uncertainty related to the construction sector in China could be one risk factor for this year. Another topic could be the profitability of German Cognitas, acquired in Q1 2022, but overall it is hard to find a weak spot. Our valuation model, based on a combination of peer group and DCF analysis, suggests a fair value range of EUR 15.4-18.8 (14.6-17.8) for the share. Marketing material commissioned by Etteplan.
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