Following the Q2 report, we trim our 2022E-24E EBITA by 1-3% and derive a new mid-point DCF value of SEK 98 (100). While profitability came in slightly below our expectations in Q2, the company remains above its 8% target on a LTM basis. We also see scope for margins to increase further, due to efficiency gains and improved mix from recent M&A. High public exposure and a strong order backlog also provide comfort in the current environment.
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