Här är en gratis och högkvalitativ analys av ett intressant företag. Analysen är gjord i slutet av november.
Digital Workforce’s profit warning on Friday for 2023 was quite light. At the same time, the growth and profitability outlook for 2024 weakened. We believe new customer acquisition and project starts have progressed slower than expected, which depressed development. We now expect more moderate growth in the coming years than before but expect profitability to improve driven by revenue structure and more prudent investments. With our lowered estimates, the valuation (2023e EV/S 0.9x, sum of the parts EUR 4.5 and DCF EUR 6.0) is still attractive.