Its 33 business units generate annual revenue of SEK ~1.9bn. It aims to grow organic EBITA by 5-10% per year (8% in 2019) while adding another SEK 90m in EBITA through M&A (SEK 93m in 2019). Although the ongoing pandemic clouds the near-term view, as for most companies, we believe the focus on infrastructure will offer support.
Through a combination of DCF valuation and peer multiples, we set our fair value range at SEK 120-200 per share.