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Lime: is sour, but it can be sweet - SEB

We think Q4 will hint at the reopening tailwinds that lie ahead for Lime. Following a change of analyst, we pencil in more growth (2022E-23E top line up 3%) from forward-leaning opex investments (-2pp for 2022E-23E EBITA margins). With over a 20-year track record of profitable growth, we think Lime is attractive in a currently volatile sector and see its earnings doubling in the next three years. Our fair value is SEK 310-351 (mid-point of SEK 330).

We think Q4 will hint at the reopening tailwinds that lie ahead for Lime. Following a change of analyst, we pencil in more growth (2022E-23E top line up 3%) from forward-leaning opex investments (-2pp for 2022E-23E EBITA margins). With over a 20-year track record of profitable growth, we think Lime is attractive in a currently volatile sector and see its earnings doubling in the next three years. Our fair value is SEK 310-351 (mid-point of SEK 330).
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