On the back of the report, we lower our expectation for Q4 North America sales and make no other changes to estimates, leading to ’22-‘23e EBITDA estimates declining by 5%. Probi ended Q2’21 with a net cash position of SEK 195m, and while our forecasts exclude M&A, we estimate Probi could add ~14-19% to ‘21e EBIT via potential M&A. The share is trading at 30x EV/EBIT ‘22e, or ~5% above its two-year average and ~5% above key peer BioGaia.
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