Berner Industrier has rapidly transformed under its revitalised leadership team, building a robust cash engine fit for the trajectory of a serial acquirer. With strong cash conversion, disciplined capital allocation and supportive family ownership, we think it mirrors best-in-class peers, despite its smaller scale. The mid-point of our equity value range (SEK 80-98) would imply a 2026E EV/EBITA of 16x, in line with core peers.
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