IKT og Tech

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12.08.2021 kl 10:33 2471

Path remains outlined
Quarterly results were close to our expectation and we view it as another indication that the company remains on its path of operational improvement and towards its long-term financial targets. We have raised our 2021-23 EBITDA estimates by 7-9%, mainly due to stronger growth trajectory in Media Services. Our DCF value range is updated to SEK 27-40 and our SOTP value is SEK 30 per share.
Strong start to Q2, according to trading update, and long-term targets remain
The company reiterated its financial targets of double-digit organic growth and >40% EBITDA margin by 2025, which in our view appear credible. We estimate 11% normalised revenue CAGR in 2021-23 and the EBITDA margin to expand to 37.1%. The trading update for Q2 underlined that April showed 35% y/y growth, and we update our estimate to 33.5% for the full second quarter
Media Services sees strong growth, Platform Services margin expansion

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