Stockwik: A quarter without any M&A - Nordea

We expect a decent Q3 report on 18 November. We forecast group sales will grow 28% (2 pp organic), up to SEK 173m, but more modest EBITA growth of 4% because we foresee some spill-over effects from the unprofitable projects in Property services segment during Q2 and many vacation days in Q3. Stockwik started an intense pace of M&A in Q3 2020, but Q3 2022 is the first quarter since then without any announced acquisitions. Given the market uncertainty, we take a more cautious stance and pencil in M&A at about 25% of the historical pace. We therefore lower our 2022-24 EBITA estimates by 3-4% and adjust our fair value range to SEK 38-76 (54-109), suggesting 2023E EV/EBITA of 7-10x. Marketing material commissioned by Stockwik Forvaltning.

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