We expect Stockwik to present a decent Q4 report on 17 February, and forecast EBITA of SEK 26m still burdened by the loss of a larger customer within Business Services and cost overruns in Property Services. However, the recent acquisitions within Healthcare prompt us to raise EBITA by 2-3% for 2023E-24E. As a result, we reiterate our fair value range of SEK 38-76 implying 2023E EV/EBITA of 7-10x and we continue to argue that a discount to our weighted peer group is warranted. Marketing material commissioned by Stockwik Forvaltning.
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