We expect the strong market momentum to continue for full-year 2021, and thus raise ‘21e sales 1%, however, partly offset by updated FX forecasts. Simultaneously, we raise ‘21e EBITA by 14% following the increased guidance of a record-high EBITA margin of 5.8% in Q2’21. For both ‘22e and ‘23e, we raise sales by 2%, and EBITA by 6% and 3%, respectively. The latter is a consequence of higher sales and margin assumptions for ‘22e-‘23e. The expected margin improvement is supported by strong macro data indicating solid order intake, driving demand from customers, combined with recent years reorganisation of branches and strengthened cluster strategy through M&A.
Trading at 10x ‘22e EV/EBITA and 9% FCF yield ‘22e
The share is up 66% YTD, reflecting the positive company developments and strong market momentum. Hanza is currently trading at 10x ‘22e EV/EBITA on our updated estimates, while offering a lease adj. FCF yield of 9% ‘22e-‘23e. We update our fair value range to SEK 22-34 per share (15-25), in line with our estimate revisions.
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