Pauli has made a new company report on Apetit after the latest news. 
Apetit is expanding its frozen pea business by acquiring Swedish Foodhills AB. The target’s result has so far been clearly loss-making, which is also reflected in the low price relative to the target’s balance sheet value. Predicting a turnaround in profitability is challenging, which slightly increases the stock’s risk profile, while on the other hand, the value creation potential has grown. Apetit’s organic earnings outlook is positive, but Foodhills’ unprofitability raises earnings-based valuation for the coming years, which in our opinion has weakened the risk-reward ratio.