We increase ’21e-’23e EBIT by 5%, driven by raised estimates for sold CE machines as the Russian CE market continues its strong growth trajectory. Moreover, we raise Contracting Services estimates, factoring in a slight sequential uptick in Q3’21e.
7x ’22e EV/EBIT, fair value of SEK 273-354 (261-338)
The share is up 27% L1M and is now trading at 7x ’22e EV/EBIT on our estimates. Meanwhile, we expect pent-up demand in the Russian CE fleet, along with the “National Projects” infrastructure plan in Russia (continuing until 2024) to help drive a ’20-’23e adj. EBIT CAGR of 28%. The German operations are also scaling up and should contribute positively to group EBIT by ’22e. All in all, we raise our fair value range to SEK 273-354 (261-338) per share, based on a ’22e EV/EBIT range of 6-8x (44-58% below global CE peers).
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