Lower profitability incorporated
TARGET CHANGE
CHANGE IN TARGET PRICE
€ 0.01 vs 0.02 -36.0%

Our target price has been reduced due to the peer-based metrics having been impacted by a lower EBITDA forecast for 2024 and the lack of net profits until 2026 vs 2025 previously. Moreover, this lower EBITDA generation has reduced our DCF-derived valuation, further reducing the target price. Finally, we incorporate the new capital increase with an oversubscription thesis resulting in 19% dilution.


CHANGE IN DCF
€ 0.02 vs 0.03 -23.3%

Due to the lower forecasted EBITDA generation in 2024 than we had previously expected, we have reduced our EBITDA forecasts accordingly for the years ahead, especially after the H1 results which showed a lower gross margin on the distribution side especially (7% vs 10% previously). Our FCF for 2024 onwards are affected as we have not modified our growth assumptions for the out years.