Thebalux acquisition announced: Svedbergs Group has announced the intention to acquire the Dutch bathroom furniture designer, producer and supplier Thebalux. Thebalux is said to have LTM (as of Q2'23) sales of SEK 376m and an EBITA of SEK 95m, making the acquisition clearly accretive on Group margins. The acquisition is made at a 5.5x EV/EBITA multiple, in line with Svedbergs Group current multiple, and is expected to add 20% to topline and 37% to EBITA on our current '24e Group estimates. The acquisition is initially financed through extended credit facilities, and the Group plans to carry out a SEK 400m rights issue in Q1'24 to amortise said credit facilities, an initiative that is supported by major shareholders. We expect a slightly positive impact on EPS from this acquisition. While not explicitly stated, the acquisition could further bring some synergy effects in purchasing.
Share trading at 5.5x-3.1x EV/EBITA '23e-'25e: The share has been strong YTD with a performance of 24%. On Q3 numbers alone, ABGSC estimates for '23e are 3% higher on EBITA. On yesterday's closing price and unrevised estimates, the share is trading at 5.5x-3.1x '23e-'25e EV/EBITA vs a historical one-standard-deviation trading span of 7x-11x. The current share price implies an M&A adjusted FCF yield of 32% for '24e-'25e combined. Svedbergs hosts a conference call today at 11:00 CET. Questions are to be sent in advance to ir@svedbergsgroup.com.
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