We think Prevas is making a sound strategic decision to enter the Finnish market with an established and well-run company, as it creates a solid base to pursue the market from. We think Enmac has solid organic growth potential in Finland, and will also create new possibilities to find additional M&A targets on the Finnish market. In addition, its expertise in process- and production development can be used for cross-selling purposes in Prevas' existing customers base in Sweden. We have included Enmac in our numbers and raise '25e sales by 17% an EPS by 10% as a result.
Revised fair value range of SEK 134-191 (122-172)
We raise our fair value range to reflect the acquisition of Enmac. The pro-form sales of both companies for 2023 was SEK 1.7bn, with a 12% EBITA margin. The profitability is among the best in the industry. The share is still trading 35-40% lower on '24e EV/EBIT compared to key peers.
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