Redeye takes a positive stance towards the divestment of Netgain at 12x EBITDA, far above CombinedX and peers. Once again CombinedX highlights the value of its Leading Brands to an industrial buyer. With SEK16 a share being paid out in September, a better backlog for H2, and an ongoing strategic review, we believe CombinedX at about 4.6x EV/EBITA LTM pro-forma is attractive and in stark contrast to the 10x EBITA / 12x EBITDA multiples on Nethouse and Netgain.
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