Redeye initiates coverage of Proact IT Group
We initiate coverage of Proact, which has signalled an ambitious new push for acquisitions and higher margins. Although some view it as a low-margin reseller with formidable competition in cloud services, the independent integrator benefits from increasing complexity, regulations and security requirements in information management, where its size, experience and specialist know-how are key. The recent rally leaves the share close to our Base Case of SEK 235. If Proact increases its M&A activity and gradually moves its margin towards the new target, we see a potential of 45% in our Bull Case of SEK 348.
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