WindowMaster (One-pager): Growth momentum underlined by a record high order intake
WindowMaster closed last week with a guidance upgrade, leading to a 22% increase in its share price on Friday. We have updated our investment case one-pager based on the new numbers and recent share price development.
Besides looking into the investment case with key investment reasons and risks, we have updated the peer group with valuation multiples compared to other construction/building-related companies. WindowMaster trades at 5.1x EV/EBITDA (2024E) based on the guidance midrange vs. a construction/building-related peer group median of 9.5x EV/EBITDA (2024E) based on Capital IQ data.
HC Andersen Capital receives payment from WindowMaster for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 08:00, 10 June 2024.
WindowMaster International
WindowMaster is a Danish clean tech company that supplies sustainable indoor climate solutions based on intelligent natural and mixed mode ventilation as well as heat and smoke ventilation solutions. The solutions are for commercial use, primarily in the following six segments: 1) Office, 2) Education institutions, 3) Cultural buildings, 4) Shopping centers, 5) Hospitals and 6) Sports facilities. In 2015, WindowMaster was acquired by the current majority shareholder and CEO, Erik Boyter, in a management buy-in. Today, the company is a global company with sales subsidiaries in Denmark, Germany, Ireland, Norway, United Kingdom, United States, and Switzerland. The company has been listed at Nasdaq First North in Denmark since October 2020.
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