On our estimates, Napatech is trading at an EV/sales multiple of 4.4x and 3.2x, in 2021e and 2022e, respectively. This compares to its Nordic peers, which are at 2.9-7.7x in EV/sales for the corresponding period. The implied share price range based on peer EV/sales is NOK 11-28. We expect Napatech to grow ~30% in 2022, and we see the potential for a further acceleration in growth if the virtualisation strategy proves successful.
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