We make only very minor estimate changes driven by updated FX forecasts. The outlook for the company remains largely unchanged, and we maintain our positive view on the operational development of Berner Industrier (recently renamed from Christian Berner Tech Trade). Going into H2, we hope to see the company make a return to M&A, something which management has previously hinted at. Several companies we cover have indicated that sellers' price expectations have come down in recent months, which should enable a more active M&A market in H2.
P/E 14-12x with M&A potential
The share is up 22% L3M (vs. peers +5%, and OMXSSMAC +7%) and is currently trading at a '24e-'26e EV/EBIT of 12-10x and a P/E of 15-12x vs. the peer medians of 17-12x and 24-9x, respectively. We raise our fair value range to SEK 40-55 (35-45), as we turn more positive on near-term M&A.
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