Efecte: Owning growth still worth it despite uncertainty
Efecte's Q4 report was stronger than we expected as services net sales exceeded our estimates. The company’s growth investments have borne fruit nicely thus far and we feel there are excellent drivers for continued growth. We consider the current valuation (2022 EV/S 3.9x) attractive considering the company’s growth outlook even if we do not see that the expected return is supported by increasing valuation multiples in the current uncertain valuation landscape.
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Efecte
Efecte is a software company focusing on cloud-based solutions. The company develops cloud-based software for services and identity management to digitize and automate operations in organizations and the production of services. The company was founded in 1998. The company's headquarters are in Espoo and the company has offices in Sweden and Germany in addition to Finland.
Read more on company pageKey Estimate Figures12.02.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 17.8 | 20.3 | 23.5 |
growth-% | 19.32 % | 14.29 % | 15.62 % |
EBIT (adj.) | 0.4 | 0.3 | 2.4 |
EBIT-% (adj.) | 2.45 % | 1.64 % | 10.03 % |
EPS (adj.) | 0.07 | 0.05 | 0.35 |
Dividend | 0.00 | 0.00 | 0.00 |
Dividend % | |||
P/E (adj.) | 192.66 | 289.10 | 44.02 |
EV/EBITDA | 80.07 | 113.49 | 30.68 |