Avidly's growth has kept on familiar and strong track, even though profitability was below on expectations. In the next few years, we see clear drivers for the company's earnings growth in a structurally growing market. However, with higher growth investments and a softer profitability guidance, we lowered our earnings growth estimates for the next few years. Given the strong earnings growth outlook, the company's valuation (2023e EV/EBIT 9x) is still attractive. On the other hand, short-term share price drivers are weaker than before as the point of support for earnings-based valuation multiples moves forward and market uncertainty increases.