On our estimates, Napatech is trading at EV/Sales multiples of 4.4x and 3.2x for 2021e and 2022e, respectively. This compares to its Nordic peers at 2.6-7.9x in EV/Sales for the corresponding period. The implied share price range based on peer EV/Sales is NOK 9-27. We expect Napatech to grow by ~31% in 2022, and we see potential for a further acceleration in growth if the virtualisation strategy proves successful.
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