Physitrack (Buy, TP: SEK85.00) - Building predictability credentials
The Q3 results highlighted Physitrack’s impressive revenue growth, margin profile and sizeable potential opportunity to solidify its leading position in digital physiotherapy via M&A. Having raised our 2022e revenue by 14% and adj. EBITDA by 9%, we reiterate our BUY and SEK85 SOTP-based target price, corresponding to a 2022e EV/EBITDA of 30x.
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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