Ferronordic delivered a solid report on the group level, with 32% sales growth y/y and adjusted EBIT increasing 57% y/y (the latter was 12% above consensus). We expect sustained growth from market tailwinds and lift 2021E-23E adjusted EBIT by 4-9% and sales by 0-3%. Ferronordic is trading at 6.8x 2022E EV/EBIT, i.e. a ~50% discount to our peer average, despite diversifying its operations into Germany. We raise our multiples-based fair value range to SEK 253-313 (250-309), representing a 2022E EV/EBIT of 6.0-7.5x. Marketing material commissioned by Ferronordic.
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