The share is currently trading at 13x ‘22e EV/EBITDA and 17x ‘22e EV/EBITA. The latter is 46% below larger compounders such as Addtech, Indutrade and Lagercrantz, while Stockwik offers a ’20-‘23e EBITDA CAGR of 40%. We estimate a ‘21e cash/sales ratio of c. 38% and a ‘21e net debt/EBITDA of 2.6x, following the directed share issue in April ’21 of SEK 143m before transaction costs. Combined with the recruitment of Johan Fagerlund Sjöberg, who has more than eight years of experience as a lawyer and most recently came from Betsson, where he worked with acquisitions, financing and corporate governance issues, we deem Stockwik poised to continue growing at a fast pace through additional acquisitions, which could add to our estimates. We increase our fair value range slightly to SEK 151-276 (141-264) on higher peer multiplies.
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