Nixu’s H2 figures missed our expectations and sealed the company's difficult and transformative year. This year, we expect that the trajectory is moving towards better, but there is still uncertainty about the growth rate. Nixu's revenue should turn to growth with market demand picking up, increased number of recruits and the new operating model, for which the biggest transformation pains are now behind. At the moment, the significantly decreased valuation (2022e EV/S 0.9x) reflects a high degree of skepticism toward the company's turnaround, which, if successful, would bring a hefty amount of upside. However, the poor performance of recent years and the risks associated with the turnaround still don't make the return/risk ratio very attractive.