Innofactor's good operational traction continued in Q4 despite a challenging market. In addition, the comparable order book increased and quality improved, supporting growth and profitability. We forecast moderate organic growth in the coming years and a slight improvement in profitability. On our forecasts, the valuation picture (2024e P/E 9x and EV/EBIT 7x) is very attractive, given the continued good performance despite the market headwinds.