The share is up 153% YTD because of operational improvements at the company that have resulted in significant margin expansion. As HANZA continues to build out its cluster strategy, creating increasingly mature clusters with higher profitability, group margins should follow. On our estimates, the share is currently trading at 9x ’22e adj. EV/EBITA with an expected ’20-’23e EBITA CAGR of 40%. Finally, we raise our fair value range to SEK 27-43 (24-39) per share due to our estimate revisions.
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