In this equity research report, analysts Johannes Olsson and Filip Berg take a closer look at MatvareExpressen, a Norwegian B2B online grocery company. MatvareExpressen is well positioned to continue its fast revenue growth due to a geographical expansion to Oslo driving a revenue CAGR of 34.8% 2022A-2024E, backed by a solid customer base. This growth is further strengthened by an EBIT-margin expansion to 2.6% in 2024E due to increased customer spendings. Trough an equally weighted DCF- and Peer-valuation, a target price of NOK 96.1 is motivated, indicating an upside of 29.0%Investment highlights:
- Strong top-line growth due to Oslo expansion
- Solid value proposition retains and attracts customers
- Increased customer spendings drives EBIT-margin expansion