Enters Slovakia

Positive margin outlook

Sales in line, but 10% EBIT beat. We lift '24e adj. EBIT 8% on lower opex assumptions. +17% adj. EBIT growth '24e, 11x EV/EBIT adj.

Improved gross margin in the limelight

Enhanced focus on profitability

Decelerating growth in Q3 due to the weakened market. Ework is prioritising profitability over growth near-term. We cut '24e EBIT by 3% - 8.5x '24e EV/EBIT.

Better EBIT on lower opex

Rougher water

Market saw a further sequential slowdown in Q2. We cut '23e-'25e sales 9-3% on the weaker outlook. We now expect 8% growth '23e – 13x '23e EV/EBIT.

Sequentially weaker IT services market

Good performance, but we fear a weaker Q2e

Solid start to 2023, but weakness in some industries. We lower '23e-'25e sales by 2-1%. 14% adj. EBIT growth in '23e, share trading at 15x '23e EV/EBIT.