Ambitious margin target
Infrea sets financial targets for the first time, with all targets to be achieved medium term. The first target, an EBITA margin above 6%, is 3pp above our 27e estimates of 2.9%. Assuming the target is achieved in 27e although medium term is not specified, this implies an EBITA CAGR 24-27e of 65% and EBITA of SEK 136m, compared with CAGR of 29% and SEK 65m in our current estimates. The second target, the leverage ratio target of 1.5x net debt/EBITDA RTM, is already in line with our estimates at 25e in the absence of M&A activity. Thirdly, the dividend target of 30% of net profit is in line with what has been communicated previously.
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