20x ’22e EV/EBIT (adj.), fair value range maintained The targets of reaching engine equivalent production of 4.0m during ’22 and 5.0m during ’24 were reiterated in the report. As a reminder, management has previously said these targets are not dependent on new system installations and are achievable through like-for-like growth in existing foundries. As such, the fact that ’22 will be a softer year for new installations should not hamper the company’s double-digit earnings growth prospects, at least for the coming years. On our estimates, the share is now trading at 20x ’22e EV/EBIT (adj.), offering 5-8% dividend yields in ’22e-’24e. Finally, with only smaller estimate revisions made, we maintain our fair value range of SEK 110-200 per share.
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