Talenom: Acquisitions in Sweden - Danske Bank
Conclusion Talenom acquires two companies in Sweden. The companies have good historical growth profile (25% y/y growth L12M) and low valuation of 0.8x L12M sales and up to 1.4x if additional purchase price is paid. This is clearly below Talenom's own multiple of 8.8x 2020E and 7.6x 2021E. This is positive news: acquisitions at low multiples create value and we believe Talenom can over time improve profitability of acquired companies closer to its own..