On 22 November, Ericsson agreed to acquire US-based cloud-based communications services provider Vonage at an EV of USD 6.2bn or SEK 55bn, meaning Ericsson has now entered the same market as Generic, albeit in the US. The USD 6.2bn acquisition price equals ~30x Vonage’s 2022e cons. EBITDA of USD 210m, but it only has an 8% revenue CAGR over the last three years, which is below the overall market. Generic is currently trading at a ’22e EV/EBIT of 45x with an expected dividend yield of 1.4%.
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