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.
Innofactor
Innofactor operates in the IT sector. The company is focused on offering services in digitization and cloud-based solutions. Examples of business areas include sales, marketing and communication, business intelligence, and CRM (Customer Relationship Management). The largest presence is found in the Nordic market and customers consist of small and medium-sized corporate customers. The head office is located in Espoo.
Read more on company pageKey Estimate Figures09.02.2023
2022 | 23e | 24e | |
---|---|---|---|
Omsætning | 71,1 | 77,9 | 80,7 |
vækst-% | 7,18 % | 9,52 % | 3,59 % |
EBIT (adj.) | 5,0 | 5,8 | 6,3 |
EBIT-% (adj.) | 7,06 % | 7,50 % | 7,86 % |
EPS (adj.) | 0,10 | 0,12 | 0,13 |
Udbytte | 0,06 | 0,07 | 0,08 |
Udbytte % | 5,70 % | 5,51 % | 6,30 % |
P/E (adj.) | 10,76 | 10,88 | 9,82 |
EV/EBITDA | 6,47 | 6,38 | 5,67 |