InterMail [IMAIL / price 17.10] has seen its share price rise by 50% in the past month, and now the company has bought more in Sweden. It has acquired Head of search Sverige AB, a company that provides strategic consulting in SEM, SEO and SoMe. In 2021, the company had revenue of SEK 11m and a pre-tax profit of SEK 1.5m. With an EBIT margin of 13% and revenue growth of over 100% from 2020 to 2021, InterMail has acquired a company in good shape.
Intermail A/S kursudvikling YTD
Strengthened investment case – strengthened share price
Within the next two financial years, InterMail will double its revenue to DKK 200 million. The growth must be profitable = add value for shareholders, and approximately DKK 50 million of the growth must come directly from acquisitions, and the other DKK 50 million from organic growth, including from the synergies/cross-sales from the acquisitions made. InterMail will strengthen its existing presence in Sweden, so the acquisition of Head of search Sweden is fully in line with the plan and a strengthening of the investment case.
Read Kapital Partner’s investment case on InterMail here
The stock is up 40% this year, and as the company is trading relatively low on key metrics, there is still potential for further positive price development.
