Spin-off setbacks, but the stock has overreacted
Q1 was operationally in line with expectations, and we kept our forecasts unchanged in the big picture. However, the biggest news yesterday was that the Banking business will unexpectedly remain part of the group, which was disappointing. In 2024, we expect the company’s earnings to be at the level of the comparison period, due to a challenging market, but to grow moderately in the coming years. Our forecasts are clearly below the company’s target levels. With the share price decline, the valuation picture has become very attractive from several perspectives (2024e P/E 11x, adj. P/E 8x, DCF EUR 28, SOTP EUR 26 and expected return ~20%).
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Tietoevry
Tietoevry är verksamt inom IT-sektorn. Inom bolaget erbjuds ett utbud av mjukvaru- och molnbaserade lösningar, med störst specialistkompetens inom SaaS-lösningar. Kompetens återfinns inom affärsprocesser, applikationstjänster, infrastrukturlösningar, samt front-end lösningar. Kunderna återfinns inom ett flertal marknader på global nivå. Bolaget kom till under 2019 via en sammanslagning av Tieto och EVRY. Huvudkontoret ligger i Helsingfors.
Read more on company pageKey Estimate Figures25.04.
2023 | 24e | 25e | |
---|---|---|---|
Omsättning | 2 851,4 | 2 893,8 | 2 977,1 |
tillväxt-% | −2,62 % | 1,49 % | 2,88 % |
EBIT (adj.) | 358,7 | 364,2 | 383,6 |
EBIT-% | 12,58 % | 12,58 % | 12,88 % |
EPS (adj.) | 2,14 | 2,09 | 2,28 |
Utdelning | 1,47 | 1,50 | 1,55 |
Direktavkastning | 6,82 % | 8,77 % | 9,06 % |
P/E (just.) | 10,06 | 8,18 | 7,50 |
EV/EBITDA | 8,56 | 6,58 | 6,31 |