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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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.
Read more on company pageKey Estimate Figures21.07.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 66.4 | 69.0 | 73.3 |
growth-% | 0.30 % | 4.04 % | 6.13 % |
EBIT (adj.) | 4.4 | 4.6 | 5.3 |
EBIT-% (adj.) | 6.64 % | 6.66 % | 7.21 % |
EPS (adj.) | 0.07 | 0.09 | 0.11 |
Dividend | 0.08 | 0.05 | 0.06 |
Dividend % | 5.28 % | 2.95 % | 3.54 % |
P/E (adj.) | 23.23 | 19.55 | 15.68 |
EV/EBITDA | 6.26 | 9.73 | 9.01 |