Här finns cirka 50 sidor om ett intressant företag som det diskuteras mycket om åtminstone i Finland. Texten är lättläst och analytisk.
We reiterate our Accumulate recommendation and target price of EUR 52.0 for Admicom, a specialist in construction software. Admicom’s share price, and thus its valuation, has rebounded significantly from its lows in the fall of 2023, when concerns about the impact of a weak construction cycle on the company were at their highest. Since then, the company has demonstrated its ability to grow organically also in this market while delivering good earnings and cash flow. Going forward, earnings growth will be a more prominent driver of expected returns, although there may still be room for valuation multiples to rise as growth picks up.