We believe that the market is discounting further M&A in Addnode and given the company’s track record of value-adding acquisitions, it is for a good reason. Since 2013, Addnode has acquired about 30 businesses, adding a total of over SEK 1 500m in sales. We keep our long-term organic assumptions mostly unchanged and the raised Fair Value range is primarily due to the addition of future M&A. Our new Base case is SEK 147.
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