Physitrack (Buy, TP: SEK53.00) - Time to get back on track
We see significant upside potential in Physitrack’s stock but understand investor scepticism until we see evidence of: 1) underlying profitability and cash flow improvements on a non-adjusted basis; 2) a good business fit following the recent high pace of M&A; 3) sustained 30%+ organic growth momentum in a weaker macro environment; and 4) EBITDA margin expansion towards its medium-term 40–45% target. We have cut our 2023e adj. EBITDA and adj. EPS by 7–10%, and in turn our target price to SEK53 (60), while we reiterate our BUY.
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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