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SENASTE
Q1 sales missed our forecast by 5%, driven by lower than expected growth in Performance Chemicals. However, this has not changed our view on the company and we have left our 2021–2022e sales fairly unchanged and reiterate our fair value of SEK13–17. We continue to forecast a 35% 2021–2023e sales CAGR and a 2022e EBITDA margin of 14%, corresponding to 2022e multiples of 3.7x and 26x, respectively. The company is well-positioned to execute on its profitable growth journey, in our view.
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