Talenom reported 30% y/y sales growth in Q2 21. Organic growth continued to recover and represented one third of total growth in the period. In our view, there is scope for a guidance upgrade in H2 21 if the momentum in organic growth is sustained. However, Talenom is trading close to all-time high multiples of EV/EBIT 41.2x for 2022E, which limits the near-term upside potential. We raise our 12M fair value range to EUR14-16.
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