Opus Group: A couple of pieces have fallen into place

Research Update

2017-05-23

14:47

Opus started the year well and the outcome in the Q1 report was a little better across the board than we had expected. Revenue rose 9% Y/Y and EBITDA was up 17% to SEK 72m. In February, Opus presented its new and ambitious growth plan for the next five years. We have already seen a couple of deals that are steps on the way towards the long-term target. These were in Argentina, where Opus is already up and running, and in Pakistan, where they now have the opportunity to expand into a large new province. We have tweaked the forecasts and made a couple of minor changes in rating and WACC. Our valuation is essentially unchanged, with a fair value estimate for the Base Case around SEK 10.3 per share. The fair value range is at SEK 6-15 per share. (This is an English version of our Q1-update published earlier on May 22, 2017)

HA

Henrik Alveskog

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