Hoist Finance’s recent CMD was one of the best we have witnessed and we have spent some time rebuilding the model to account for the Magnetar partnership and also increasing capex in 2021/2022 to SEK 5.5/8.2bn from SEK 5.2/5.1bn. We model an EPS in 2022 of SEK 6 and reiterate Buy and increase target price to SEK 48 (40). The target price is equivalent to 8x 2022e EPS and 0.95x 2021e BVPS, and implies a 2.4%/4.2% dividend yield for 2021e/2022e.
