Innofactor: Confidence in earnings growth improved

Af Inderes
Innofactor's net sales and earnings increased nicely and were in line with our expectations. In addition, the order book, improved net sales structure and comments on the outlook increased confidence in earnings growth in 2023. We expect moderate organic growth in the next few years and profitability to remain unchanged in the big picture. With our estimates the share's valuation (2023e P/E 10 and EV/EBIT 9x) has become attractive, especially considering the stronger base for earnings growth.