Physitrack (Buy, TP: SEK41.00) - Cash conversion past the trough
We continue to see large upside potential for Physitrack’s shares. However, we note the burden of proof is on the company to show 1) it is past the trough for margins and cash-flow trajectory on a non-adjusted basis; and 2) sustained 20–30% organic growth YOY in a weaker macro environment. We have cut our 2023–2024e adj. EBITDA by 12% on average and thus reiterate our BUY but have lowered our target price to SEK41 (49).
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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