On our estimates, the share is currently trading at 10x ’22e EV/EBITA (adj.) with an expected adj. EBITA CAGR of 40% for ’20-’23e as the cluster strategy continues to drive margins. Also, the company now says that German expansion is back on the agenda following a few quarters of high market uncertainty, which led to M&A being less prioritised. Finally, we raise our fair value range to SEK 28-45 (27-43) per share on the solid report and a stated desire for more German M&A.
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