Physitrack (Buy, TP: SEK65.00) - Good execution; still attractive
Physitrack continues to deliver on its ambitious profitable-growth strategy, as it reported 67% revenue growth YOY (of which 25%-points was organic) and a 17% adj. EBIT margin in Q1. We saw little in the report to change our view but have lowered our 2022–2023e adj. EBIT by 2% on higher opex. We are encouraged by improved retention rates in its B2B physiotherapy SaaS offering. As the investment community should gain more proof points in 2022–2023e that Physitrack can successfully bundle and drive revenue synergies from its four acquired units in Virtual Wellness, we see solid upside potential and reiterate our BUY and SEK65 target price.
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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