We believe SyntheticMR is entering a harvesting period with a chance to get back on the growth path. It has agreements with the three main OEMs and has recently invested in its own sales resources across its key markets. There is also the potential for new agreements with additional strategic partners and for product innovation. We estimate a 2019-22 sales CAGR of c. 33%.
Mid-point DCF value of SEK 333 per share
Based on the assumption that SyntheticMR can deliver in line with our estimates, we derive a DCF-based fair value range of SEK 290-382 per share with a mid-point valuation of SEK 333 per share (WACC 7%; steady state EBIT margin of 25%).
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