Pareto tar opp dekning. Kursmål 28kr.

Huddly is a Norwegian provider of video conference cameras, founded in 2013. Unlike other camera providers, Huddly’s products are software defined – a technology endorsed by Tier 1 partners such as Google and Crestron, who continuously include Huddly’s cameras in their video collaboration bundles. A setup that has proved to be highly successful with triple-digit sales growth (118% revenue CAGR ’18-20) and world-class margins (29% EBIT margin ‘20). Despite this, the current valuation (~14x '22e EBIT) implies a ~35-70% discount to peers currently growing at a slower pace, and seemingly doesn’t take into account our thesis of increased enterprise spending on video conference rooms in a post-Covid world. We initiate coverage with a BUY/TP of NOK 28, equalling pricing in-line with peers and an upside of >80% to the current share price.