Stockwik: Q1 margin surprised on the upside - Nordea

Stockwik delivered a solid Q1 report, with group sales growing 27% y/y and EBITA increasing 73% y/y; the latter beat our estimate by 21%. Despite the potential threat of supply-chain issues related to its tyre business and general price increases, we raise 2022E-24E EBITA by 4-5% following the report and the recent acquisition of Trainparts. Stockwik is trading at ~10x 2023E EV/EBITA, compared to our weighted peer group at 13x. We still argue that a discount is warranted but adjust our DCF- and multiples-based fair value range to SEK 79-138 (SEK 81-136) per share, which suggests a valuation range of 2023E EV/EBITA ~9-14x. Marketing material commissioned by Stockwik Forvaltning.

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