Innofactor: Good performance continues in a challenging market
Innofactor's net sales continued growing very strongly considering the challenging market. Profitability was at a good level and exceeded our expectations quite clearly. The order book decreased and supports the next few quarters, but Innofactor must succeed in new sales, which it had confidence in. We expect moderate organic growth in the coming years and slight profitability improvement. With our estimates the share's valuation (2023e P/E 10x and EV/EBIT 9x) is still attractive, considering the stronger base for earnings growth although uncertainty in the IT market is still elevated.
Innofactor
Innofactor operates in the IT sector. The company is focused on offering services in digitization and cloud-based solutions. Examples of business areas include sales, marketing and communication, business intelligence, and CRM (Customer Relationship Management). The largest presence is found in the Nordic market and customers consist of small and medium-sized corporate customers. The head office is located in Espoo.
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