Physitrack (Buy, TP: SEK87.00) - To hit the ground running in the US
Physitrack continues to build its credentials by showcasing rapid organic growth coupled with M&A at high profitability, leading us to lift our 2022–2023e adj. EBITDA by ~2%. We see a sound buying opportunity and highlight the fundamental attractiveness of Physitrack’s leadership in the nascent telerehabilitation industry, and a long runway for 30%+ organic growth at expanding margins, while emerging as the industry consolidator. We reiterate our BUY and have lifted our target price to SEK87 (85).
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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