Physitrack (Buy, TP: SEK65.00) - Pedal to the metal
Ahead of Physitrack’s Q1 results, we have raised our 2022–2023e adj. EBITDA by 1–5% in light of recent acquisitions, which we see as highly strategic, and as solidifying Physitrack’s early market-leading position in B2B physiotherapy software and wellness. We expect it to maintain its strong, profitable growth with 68% net sales growth YOY (of which 31% is organic) in 2022 at a 33% adj. EBITDA margin. In the coming quarters, we believe this should propel the share price towards our new SEK65 (87) target price, which reflects multiples contraction in the peer group. 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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