Nightingale Health: Giving commercialization time to take shape

Af Antti Luiro
At the end of last year, Nightingale made its first clear revenue growth leap (+76%) on its journey as a listed company. However, continued strong growth will soon require new commercial contracts, and the company pursues several contracts in the current financial year. Despite the growth surprise, our estimate changes are quite neutral, as our cost estimates became more conservative. Considering the company’s potential, the share is very cautiously valued (wide fair value range EUR 0.4-4.7), but we expect that clearer share price drivers toward the upper end of our valuation range will only surface after more than 12 months.