Over the last few years, Tecnotree has sealed its return from a company in crisis to a profitable growth company. However, this growth has tied up significant working capital in the form of receivables, and in the coming years the company will need to demonstrate a sustained improvement in its cash flow profile. At the same time, the company is struggling with a number of external challenges, such as high cost inflation and economic uncertainty affecting its customer base. Despite the elevated risks and the weaker profitability estimates for next year than in recent years, the valuation of the stock looks attractive (2023e: EV/EBIT 8x and P/E 12x).