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SENASTE
We find the Q3 report encouraging as the company has returned to impressive growth with 89% YOY sales growth in Performance Chemical providing confidence that the company can deliver on its 2022 sales target. EBITDA was positive for the third consecutive quarter, signalling that the company has now reached break-even volumes and we expect the gross margin contribution to drive margins higher into 2022. On its 2022 financial target, we have raised our fair value to SEK10–14 and we note that the stock is trading at 2022e EV/sales of 2.0x, 31% below peers.
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