The share is currently trading at 20x ’21e EV/EBITA, 31% below M&A compounders with similar financial performance. The company has had a 17% EBITA CAGR since 2012 and the ’21e M&A headroom of SEK 5bn is enough to facilitate a 20% EBITA CAGR ’20-’23e. However, Nolato can be considered riskier than the compounders due its more concentrated end-market exposure. As such, we apply a ’22e EV/EBITA range 15-40% below the compounder median to derive a fair value range of SEK 100-140 (85-115) per share.
Aktuellt
SENASTE
