Bildkälla: Stockfoto

Mycronic: Furious 2021 start - Redeye

Redeye raises the valuation of Mycronic on the back of yet another strong quarter.

We raise our base case to SEK 247 per share (previously 204), and our bear and bull case
to SEK 113 and 310 (92 & 257). We raise our short and mid-term growth and margin
estimates. Furthermore, Mycronic’s long trend of under-promise and over-deliver leaves us
no other choice than raising our management rating from 4 to 5, leading to a lower required
rate of return of 8% (9%). In relation to the other +150 companies in our universe, this is a
generally low discount rate (as our risk-free interest rate is based on normalized levels),
demonstrating our view of Mycronic as top-quality company.
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