made since the listing in early 2018. Encouragingly, Infracom’s operating margins have
increased during the same period. The acquisitions have been value-adding due to multiple
arbitrage and as Infracom integrates acquired customers into its infrastructure and
platform. We regard Infracom’s M&A track-record as solid and assume that the company
will continue to acquire, penciling in SEK 30m per year in such expected additional sales
until 2029 (which corresponds to 7% yearly growth through acquisitions). As Infracom
shares are trading at 12x 2021E EBIT, we believe the market fails to recognize the strong
case for further acquisition activity. Indeed, we conclude this presents an attractive
investment opportunity - our Base case of SEK 26 suggests upside potential of around
25%.
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