|
Upside
3.10%
Price (BGN)
67.6
Market Cap (BGNM)
1,220
|
|
Perf. 1W:
|
-0.29%
|
|
Perf. 1M:
|
0.90%
|
|
Perf. 3M:
|
22.5%
|
|
Perf Ytd:
|
43.5%
|
|
10 day relative perf. to stoxx600:
|
0.73%
|
|
20 day relative perf. to stoxx600:
|
2.60%
|
Adjustments following the FY22 and Q1 23 results, inclusion of the new guidance
|
| Change in Target Price | BGN 41.3 vs 34.8 | +18.9% |
The target price has been revised upwards given the increased NAV and DCF valuations.
|
| Change in EPS | 2023 : BGN 1.65 vs 1.58 | +4.71% |
| 2024 : BGN 2.39 vs 2.27 | +5.31% |
The 2022 EPS was below our expectations because of intensified investment in sales and R&D structures, but this will be compensated in future by higher EPS according to the new outlook given by the management.
|
| Change in NAV | BGN 25.0 vs 22.2 | +13.0% |
The sales estimates in the new guidance are better than expected for the Shelly and Myki brands, increasing our multiple-derived EV. Increased cash flow generation has also had a positive impact on our NAV valuation.
|
| Change in DCF | BGN 74.4 vs 58.2 | +27.9% |
A better-than-expected EBIT for 2023 onwards will lead to increasing cash flow generation, which mechanically increases our DCF valuation.
|
.
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