Stockwik: Intensified M&A journey - Nordea

Stockwik is an M&A compounder, with a focus on acquiring non-cyclical companies with a solid track record of profitability. With 18 acquisitions since 2018, Stockwik has intensified its M&A journey while growing sales by a factor of five by the end of 2021 (RTM pro forma). Given its asset-light business model and low capex requirements, we estimate that Stockwik will achieve ~75% cash conversion, which will enable further M&A. With historical acquisition multiples of EV/EBITDA ~5x, Stockwik utilises multiple arbitrage, while its decentralised business model spurs a solid deal flow. Through a combination of peer multiples and DCF valuation, we set our fair value range at SEK 81-136 per share, which suggests a valuation range of 2023E EV/EBITA 10-14x. Marketing material commissioned by Stockwik Forvaltning.

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