Efecte: Straight line growth
Av Antti Luiro
Efecte’s Q1 was slightly brighter than we expected and again offered evidence of stable growth. Longer-term market trends are favorable, and the company has patiently built an engine for growth, whose parts are starting to snap into place. We do not find any cracks in the company’s long-term growth story at this time. We do, however, feel that the share’s valuation (2021e EV/Sales 5.7x) has stretched too far compared to the company’s growth and profitability. We step aside for a breather after the strong share price rise.
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