Innofactor: Calmly forward despite headwinds

By Inderes
Although the company's result still grew, it was below our estimates. The order backlog and improved cost structure still support earnings growth, which the company's guidance also expects as usual. However, the tight expert market and Swedish business continue to restrict development. With good cash flow and a strengthened balance sheet, the company's risk profile has improved. With our estimates the share’s valuation image is still attractive in our view (2022e EV/EBIT 9x).
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