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Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Jonas Bru Lien
  • Øystein Elton Lodgaard
PREMIUM
MRCELME Mercell Holding...

Mercell Holding AS - Next stop: NOK 1bn ARR?

’21e-‘22e ARR up by ~8% and adj. EBITDA up by ~2-4% Strong organic growth and attractive M&A roll-up story We reiterate BUY and our TP of NOK 17

MRCELME MERCELL HOLDING AS
02/25/21 February 25, 2021 14 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
MRCELME Mercell Holding...

Mercell Holding AS - Margin miss, but 2x lower leverage since issue

Net leverage of 4.8x on credit-accretive M&A in Q1’21 Goal of becoming the European consolidator... …which could result in the leverage creeping back up

MRCELME MERCELL HOLDING AS
02/25/21 February 25, 2021 6 EN
Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Jonas Bru Lien
  • Øystein Elton Lodgaard
PREMIUM
MRCELME Mercell Holding...

Mercell Holding AS - 2020 pro-forma supportive for ’21 estimates

ARR as pre-announced, +4% org. ARR growth q-o-q Recognized revenues above, adj. EBITDA below ’20 PF figures supportive for consensus ’21 estimates

MRCELME MERCELL HOLDING AS
02/24/21 February 24, 2021 4 EN
Adam Karlsson ... (+4)
  • Adam Karlsson
  • Casper Blom
  • Daniel Thorsson
  • Øystein Elton Lodgaard
PREMIUM
DUST DUSTIN GROUP AB
NLFSK Nilfisk Holding... ... (+4)

Talking Points - SynAct Pharma: A New (Year’s) Resolution on Inflammat...

Big potential in rheumatoid arthritis and beyond We initiate with BUY and TP of SEK 72

DUST DUSTIN GROUP AB
NLFSK NILFISK HOLDING A/S
MRCELME MERCELL HOLDING AS
SYNACT SYNACT PHARMA
01/15/21 January 15, 2021 5 EN
Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Jonas Bru Lien
  • Øystein Elton Lodgaard
PREMIUM
MRCELME Mercell Holding...

Mercell Holding AS - Becoming the clear market leader

’20-‘22e ARR +52-55%, ’21-‘22e EBITDA +113-115% Potential for NOK 1bn in sales and +40% EBITDA margin We reiterate BUY with a new TP of NOK 17 (13)

MRCELME MERCELL HOLDING AS
01/15/21 January 15, 2021 37 EN
Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Øystein Elton Lodgaard
PREMIUM
MRCELME Mercell Holding...

Mercell Holding AS - Fasten your seatbelts, this is going fast

ARR and sales est. unchanged, but ’22e EBITDA +4% ARR could grow 60-70% through cross-selling BUY, with an unchanged TP of NOK 13

MRCELME MERCELL HOLDING AS
11/13/20 November 13, 2020 25 EN
Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Jonas Bru Lien
  • Øystein Elton Lodgaard
PREMIUM
MRCELME Mercell Holding...

Mercell Holding AS - High organic growth to continue into Q4

Q3 ARR in-line with ABGSC, higher org. ARR growth Adj. EBITDA slightly below on higher costs Strong growth to continue in Q4, limited est. changes

MRCELME MERCELL HOLDING AS
11/12/20 November 12, 2020 6 EN
Aksel Øverland Engebakken ... (+17)
  • Aksel Øverland Engebakken
  • Daniel Vårdal Haugland
  • Derek Laliberté
  • Erik Moberg
  • Fredrik Ivarsson
  • Jan Erik Gjerland
  • John Olaisen
  • Karl Bokvist
  • Magnus Andersson
  • Martin Melbye
  • Olof Cederholm
  • Oskar Vikström
  • Øystein Elton Lodgaard
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Tobias Kaj
  • Viktor Sundberg
PREMIUM
KNEBV Kone Oyj Class ...
TEL TELENOR ASA ... (+26)

Talking Points - Collector: Q3 was a step in the right direction

Alfa Laval Post-results: Food (and water) for thought Q3 leads to positive estimate revisions Stock down to attractive levels in absolute terms – BUY

KNEBV KONE OYJ CLASS B
TEL TELENOR ASA
MAG MAGNOLIA BOSTAD AB
DNB DNB ASA
COLL COLLECTOR AB
SOBI SWEDISH ORPHAN BIOVITRUM AB
PGS PGS ASA
PEAB B PEAB AB CLASS B
HUH1V HUHTAMAKI OYJ
TOM TOMRA SYSTEMS ASA
SEB A SKANDINAVISKA ENSKILDA BANKEN AB CLASS A
ATEA ATEA ASA
LIFCO B LIFCO AB CLASS B
AXFO AXFOOD AB
WALL B WALLENSTAM AB CLASS B
BILL BILLERUDKORSNAS AB
RATO B RATOS AB CLASS B
JM JM AB
ALFA ALFA LAVAL AB
ESSITY B ESSITY AB CLASS B
ATCO A ATLAS COPCO AB CLASS A
NET B NETENT AB CLASS B
EVO EVOLUTION GAMING GROUP AB
NYF NYFOSA AB
NSKOG:NO NORSKE SKOG
MRCELME MERCELL HOLDING AS
10/23/20 October 23, 2020 8 EN
Aksel Øverland Engebakken ... (+4)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Jonas Bru Lien
  • Øystein Elton Lodgaard
PREMIUM
MRCELME Mercell Holding...

Mercell Holding AS - The winner takes it all

Market-leading digital marketplace for public tenders Strong growth potential from upselling and M&A We initiate with a BUY recommendation, TP NOK 13

MRCELME MERCELL HOLDING AS
10/22/20 October 22, 2020 51 EN
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