Innofactor: Still work to do in the rest of the year
Innofactor's net sales decreased and was slightly below expectations in Q2 driven by weak billable utilization. This pushed the result clearly below estimates in Q2 and we expect this will also burden H2 and the company will not reach its guidance. Positive in the report was continued growth in the number of personnel and order backlog, which provides a good basis for returning to sustainable growth once the challenges are overcome. With our estimates, the share’s valuation picture does not support a positive view (2022e EV/EBIT 10x), especially considering the uncertainty of the earnings turnaround and profit warning risk.
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