Innofactor: Stronger view would require more track-record
Net sales fell and remained slightly below expectations, but the result was in line with expectations. A positive highlight of the report was that after a long while the number of personnel turned to growth. Personnel development together with a good order backlog provides a good basis for returning to a sustainable growth path and to positive profitability development. With good cash flow and a strengthened balance sheet, the company has much room for maneuver in implementing its strategy and acquisitions. With our estimates the share’s valuation image is still attractive in our view (2022e EV/EBIT 9x).
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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.
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