We find it positive that Proact lands another acquisition, which improves services share of sales on an all else equal basis from 41% 2022e to 43%. It also raises the group margin, taking a small step towards the 8% EBITA target. The only caveat in this deal is that Proact itself trades at 9.4x 2022e EV/EBITA, which generates no multiple arbitrage, but still adds a good asset at an attractive price in our view.
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