TARGET CHANGE
CHANGE IN EPS
2022 : € 0.25 vs 0.61 -59.6%
2023 : € 0.96 vs 0.83 +15.5%

We have revised our EPS 2022 estimate following the half-year results announcement. Our EPS goes down as the company now foresees lower EBITDA growth than previously expected. For our 2023 and 2024 EPS estimates, we use the updated business plan provided by the company. This updated business plan is influenced by various developments since the company's listing on Euronext Growth in July 2022. Please see our latest for more information.


CHANGE IN NAV
€ 21.0 vs 18.0 +16.6%

Following the company's upwards revision to its sales forecasts for 2023 and 2024, we have revised our reference sales multiple from €105m to €150m. Consequently, this results in an increase to our NAV-based valuation.


CHANGE IN DCF
€ 19.9 vs 16.9 +17.8%

Our DCF valuation has been upgraded as a result of a better free cash flow profile due to the revised forecasts. This better cash flow profile drives the valuation in the outer-years and beyond.