reports
- Joachim Gunell
Physitrack Limited (Buy, TP: SEK85.00) - This is just the start
We expect ARR acceleration ahead of the Q3 results, as purchasing cycles in physiotherapy tend to be tilted towards H2. Our forecasts are broadly unchanged, and we expect Physitrack to extend its growth track record with 2021e organic growth of 44% YOY at a 34% adj. EBITDA margin. With a solid FCF profile and cEUR25m in financial firepower following its recent IPO, the stage looks set for potential value-creative M&A in the near term at considerable multiples arbitrage. We reiterate our BUY and ...
- Joachim Gunell
Physitrack Limited (Buy, TP: SEK85.00) - Next-generation rehabilitatio...
Physitrack is a founder-led digital health technology provider offering attractive exposure to the structural growth niche of remote physical therapy. From its industry-leading SaaS platform, we see a long runway for a 30%+ organic revenue CAGR at 30%+ EBITDA margins, with potential upside from M&A and Virtual Care optionality. We initiate coverage with a BUY and SEK85 target price.
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