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While Transtema was an active acquirer in 2016-18, making 16 acquisitions, it has not made any since then. However, following a successful turnaround with lowered net debt and increased stability in its operations, Transtema looks set to head into the acquirers' space again, which adds another value driver to the case. The Q2 report was impressive with organic revenue growth of 39% and an EBITA margin of 8%. This was driven by previously announced contracts, with the 5G framework agreement with Ericsson contributing slightly. The company expects more from this in H2 and onwards and we expect continued strong performance in 2021 with 126% EBITA growth. While we do not include M&A in our estimates just yet, we raise our valuation range to SEK 26.7-33.1 (19.5-23.7) on the back of the report. This implies a discount of 10-28% to key peers on 2022E EV/EBITA. Marketing material commissioned by Transtema Group AB.
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