On the back of this new information, we adjust our forecast for Q2 but also extrapolate the margin improvement for the rest of ’21e and for ’22e-‘23e. Our revised forecast assumes an EBIT margin of 8.8% for ‘21e, up from 7.1% previously. For ‘23e, we forecast an EBIT margin of 10.2% now vs. 9.3% before. SJR targets an EBIT margin of 10% which we think is increasingly possible to reach given that the recruiting side of the business should return to historical levels. For example, in ’16-’17 SJR exceeded its EBIT margin target both years. Our EBIT margin revisions in conjunction with sales estimate increases of 2%-1% for ‘21e-‘23e result in EBIT increases of 25%-11% for ‘21e-‘23e.
’22e EV/EBIT of 8.1x with expected dividend yield of 5.5%
The share is now trading at a P/E of 11.9x on ‘22e and EV/EBIT of 8.1x on our revised forecasts. We also expect a dividend yield of 5.5% for ‘22e with a net cash position of SEK 38.2m at the end of ’21e.
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