Talenom pays part of the price with own shares, which in our view makes sense given the high multiples. We expect more deals going forward, both in Finland and Sweden. In 2021-22, entry to a third country is also likely, because Talenom has flagged higher ambitions for internationalisation since the Q3 20 report.
We remain positive on Talenom and expect it to continue growing at double-digits for many years. Valuation is high at 45x 2020E EBIT, but for a good reason in our view.
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