We raise our EBITA estimates by 6-1% for FY’21/22e-‘23/24e on the back of a lesser margin impact from rising costs, higher organic growth and the acquisition of Libra adding c. 3.6% to sales. For ’20/21-‘23/24e, we forecast a 5% organic sales CAGR and a 10% EBITA CAGR.
Share view
The share is up 33% YTD and currently trades at 28x FY’21/’22e EV/EBITA. It is currently valued ~10% below our core peer group (Addtech, Indutrade, Lifco and Sdiptech) valued at 31x EBITA. Lagercrantz has performed similarly to peers historically, (10Y EBITA CAGR of 15%, same as peers excl. Sdiptech), and has a 5Y average EV/EBITA discount of 3% vs. peers.
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