We are encouraged by the strong sales growth the company has delivered this year as well as the scalability it has achieved. On our new estimates, we forecast a 32% CAGR for ’21e-‘23e EBIT. The NETI share currently trades at 27x ‘23e EV/EBIT. We raise our fair value range to SEK 3.1–6.6 (1.7–3.9) on the back of recent events. In one of our DCF scenarios, we now take a more optimistic approach to the new 5G sync opportunity. The wider price range reflects the uncertainty of the 5G sync opportunity. We also view positively on the announcement of a buyback programme of up to 16m (~4% of stock) share until May 2022.
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