Tietoevry: Strong finish to the year, future looks promising
Overall, the Q4 report was positive and above market expectations. The company's guidance indicates earnings growth of 5-17% in 2023, which is a strong level for Tietoevry's size. The company's good performance last year and outlook boosted confidence that the positive development will continue in the coming years. The valuation picture for the stock remains attractive from several perspectives (2023e adj. P/E 12x, DCF 37.0 and SOTP 36.0) and the divestments provide drivers to unwind the undervaluation.
