Physitrack Limited (Buy, TP: SEK85.00) - This is just the start
We expect ARR acceleration ahead of the Q3 results, as purchasing cycles in physiotherapy tend to be tilted towards H2. Our forecasts are broadly unchanged, and we expect Physitrack to extend its growth track record with 2021e organic growth of 44% YOY at a 34% adj. EBITDA margin. With a solid FCF profile and cEUR25m in financial firepower following its recent IPO, the stage looks set for potential value-creative M&A in the near term at considerable multiples arbitrage. We reiterate our BUY and SEK85 target price based on an SOTP corresponding to a 2022e EV/EBITDA of 30x.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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