Efecte: Owning growth still worth it despite uncertainty
Av Inderes
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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