We raise ’21e EBIT by 5%, of which 3% is due to the isolated Q3 numbers and another 2% from raised Q4’21e equipment sales as Q4 looks to be a stronger quarter than we had expected for system installations. Meanwhile, we lower ’22e EBIT by 8% as the company’s outlook for engine equivalents, while positive, was somewhat lower than our previous estimates.
Trading at 20x ’22e EV/EBIT, 3-7% ’21e-’23e dividend yield
On our estimates, the share is currently trading at 20x ’22e EV/EBIT, offering a 3-7% dividend yield for ’21e-’23e. According to the company, its customers in North America (the largest end-user market) are now at all-time-low inventory levels, and our view is that the ensuing pent-up demand as production returns to normal will drive a ’20-’23e EBIT CAGR of 46%, albeit from a low ’20 EBIT. All in all, we raise our fair value range slightly to SEK 132-241 (130-236) per share.
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