TagMaster: Ready to scale up
Research Update
2019-05-02
17:02
TagMaster's hard work to optimize its cost structure is paying off and it is now prepared to gain leverage on its sales. A major acquisition target is on the radar, which could add revenues of about SEK 150-180 million. A possible new share issue of the order of SEK 130m could provide a very interesting entry point for investors. At our IFRS-adjusted estimates, TagMaster trades at 12x EV/EBIT 2019E and 8x for 2020E. In this research update, we provide insights from the Annual Report, our financial projections, and view of the valuation.
EP
VW
Eddie Palmgren
Viktor Westman
Disclosures and disclaimers