Carlsquare Equity Research initiates coverage of HANZA Holding. We believe HANZA is well-positioned for manufacturing trends towards increased outsourcing and shorter supply chains. We expect continued strong growth in sales and earnings in 2022. In our view, Germany will be an important driver from key customer demand bouncing back and positive effects from recent acquisitions. We calculate a fair value of SEK 44 in a base case. In a bull case of continued successful expansion via acquisitions, we see significant further upside to SEK 74.
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