We initiate coverage of LINK Mobility with a BUY rec. and argue that the current valuation is pricing in a distressed scenario, while we expect the contrary to be almost fully derisked in 2023 at our NOK 512m adj. Cash-EBIT (40% growth) estimate. Potential upside to estimates adds further icing to the case, as consensus and ARCe reflect lower than historical and peer growth, strong macro headwinds in 2023 and less scale than indicated by LINK.
