Physitrack (Buy, TP: SEK85.00) - Attractive from all angles
Our forecasts are broadly unchanged ahead of the Q4 results. We expect 32% organic sales growth YOY in 2022e and a 33%+ EBITDA margin. Physitrack is only at the start of its journey, emerging as a leader in the telerehabilitation market. We expect a gradual re-rating as it continues to build credentials of predictable high organic revenue growth at expanding margins while digesting M&A during 2022. Despite the sell-off of growth stocks, we see support from its profitability, with the stock trading at a 2022–2023e EV/EBITDA of 16–12x. We reiterate our BUY and SEK85 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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