Project postponements carry significant impact We reduce sales estimates by 11-12% for ‘22e-‘23e A reset is coming through restructuring and rights issues
Rapid growth due to demand for Studio’s services We raise sales estimates by 6.6% for FY 2022e The share trades at EV/sales of 0.9x-0.8x for ‘22e-‘23e.
Tailwind for Studios, delivered positive adj. EBITDA in Q4 We expect a divestment of Sayduck in mid-Q2’22 Share trading at ‘22e-‘23e EV/sales of 0.5x-0.4x