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Lime: High-teens EV/EBITA likely a good entry point - SEB

While one could have hoped for better organic growth in Expert Services in Sweden, things are looking good on the software side. Further, growth outside of Sweden seems to have picked up, which is the main long-term case driver in our view. All in all, our estimate revisions are positive, although we expect the sequential improvement in Expert Services in Sweden to be a bit slower. Our new fair value is SEK 315-355, with a mid-point of SEK 335 (332).

While one could have hoped for better organic growth in Expert Services in Sweden, things are looking good on the software side. Further, growth outside of Sweden seems to have picked up, which is the main long-term case driver in our view. All in all, our estimate revisions are positive, although we expect the sequential improvement in Expert Services in Sweden to be a bit slower. Our new fair value is SEK 315-355, with a mid-point of SEK 335 (332).
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