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We expect a solid Q2 report on 26 August with group sales growing 26% y/y to SEK 182m, driven by M&A. The M&A pace was extraordinarily high in Q2, with three acquisitions closed, adding SEK ~75m to sales. While Stockwik continues to diversify its business, we note that rising interest rates are an issue, as the company is likely up for a refinancing in the near term, hindering the near-term trigger of obtaining lower financing costs to fund future operations. Given recent multiple contraction, we lower our DCF- and multiples-based fair value range to SEK 64-121 (79-138). Marketing material commissioned by Stockwik Forvaltning.
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