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Tempest Security: Investments look set to pay off in 2022 - SEB

We lower our 2022-23 EBITDA forecasts by 4-7% after the Q4 report, driven by a slightly more cautious view on near-term margins, due to various growth initiatives. Overall, we believe our case of accelerating growth through a combination of organic growth (supported by establishing operations in the US and Denmark recently) and an increased M&A focus remains intact. Our new DCF value range is SEK 35-49 with a mid-point of SEK 42 per share.

We lower our 2022-23 EBITDA forecasts by 4-7% after the Q4 report, driven by a slightly more cautious view on near-term margins, due to various growth initiatives. Overall, we believe our case of accelerating growth through a combination of organic growth (supported by establishing operations in the US and Denmark recently) and an increased M&A focus remains intact. Our new DCF value range is SEK 35-49 with a mid-point of SEK 42 per share.
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