On our estimates, Napatech is trading at EV/Sales multiples of 4.7x and 3.5x for 2021e and 2022e, respectively. This compares to its Nordic peers at 2.1x-8.8x in EV/Sales for the corresponding period. The implied share price range based on peer EV/Sales is NOK 9-30. We expect Napatech to grow ~30% in 2022e and see potential for a further acceleration in growth if the Virtualisation strategy proves successful.
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