Investment Summary
With operational cash flow of NOK 4.8 billion (vs NOK 4.6bn market cap at 11.40 NOK/share) coming in during 2020, double-digit industry growth, best in class cost control and a founder/owner allocating capital for the long run, I think B2 is a very appealing investment opportunity. In this report, I will present why exaggerated negative investor sentiment has created an opportunity to buy B2 at ~4x 2020 P/E with 150% upside based on re-rating to an 11x multiple and a solid margin of safety.
Business Model
B2Holding (OTC:BTOHF) (trades with liquidity