Estimates relatively intact We leave our estimates relatively unchanged. We expect a ’21e adj. EBIT margin of 10.7%, contracting to 10.1% in ’22e. We anticipate the margin decrease to be driven by Product & Solutions, with that segment’s margin falling from 14.7% in ’21e to 12.3% in ’22e; we see this being partly offset, however, by a recovery in Installation Services (with a margin expanding from 2.8% in ’21e to 6.8% in ’22e). Overall, we forecast a ’21e-’23e sales CAGR of 3%. Due to the expected margin compression, the ’21e-’23e adj. EBIT CAGR becomes negligible at 0%. We do not include any further acquisitions to our estimates, however, which have historically been a substantial driver of growth. According to management, the M&A pipeline is good going into ’22e, leaving room for NWG to add to our estimates through additional M&A.
12x ’22e EV/EBITA, 16% below peers The share is down 8% YTD and trades at 12x ’22e EV/EBITA, 16% below peers with similar M&A strategies, but ~ ... Läs mer på Introduce
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