Physitrack (Buy, TP: SEK60.00) - Some pluses, some minuses
Physitrack again reported according to plan, with nearly 30% organic growth YOY and healthy underlying profitability, although the high pace of M&A and the numerous adjustments mean its results take time to digest. Since Physitrack’s June 2021 IPO, the adj. EBITDA per share has risen by 50%+, while our proprietary study suggests it is keeping competitors at bay. However, the share price has fallen by 10%+ since the IPO. We reiterate our BUY, but have cut our target price to SEK60 (65).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.