Although EBIT was slightly above our forecast, we trim our gross margin assumptions for H2, yielding +0.1% on our ‘21e EBIT. For ’22-‘23e, we raise our order intake forecasts in light of a reinforced growth outlook. As such, we raise our sales and EBIT forecasts by 3% and 5%, respectively. Our EPS estimates are reduced due to hiked tax rate forecasts.
22% EBIT CAGR ’19-’23e, 28-16x ‘21-'23e EV/EBIT
We believe that Pricer will continue to see tailwinds from the rapidly growing ESL market over the coming years. For ’19-‘23, we expect the company to generate a CAGR of 22% in both sales and EBIT. The share is trading at 28x ‘21e EV/EBIT, which is about 25% above its historical EV/EBIT f12m valuation.
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