Banking spin-off to reveal hidden values

We cut our '24-'25e adj. EBITA by 2%. Banking to be spun off before summer – trigger for revaluation. BUY: 50% upside to SOTP of EUR 33/share (35).

Banking to be listed seperately

Time to file the divorce papers

Q4e: Adj. EBITA of EUR 108m vs. cons EUR 109m. Spin-offs/divestments could unlock significant value NTM. BUY: 60% upside to SOTP of EUR 35/share (31).

Consulting soft, but software resilient

We cut adj. EBITA by 3-5% for '23e-'24e. Spin-offs/divestments could unlock significant value NTM. BUY: 60% upside to our SOTP of EUR 31 (32).

3% EBITA miss driven by Create

~50% upside, limited downside risk

Decent backlog supportive for H2. Spin-offs/divestments could unlock significant value NTM. ~50% upside to our SOTP of EUR 32/share. BUY.

Lowers FY'23 adj. EBITA by 2%

Sometimes it's better to break up

Manageable expectations for '23e-'25e. Spin-offs/divestments could unlock significant value in next 12-18 months. ~40% upside to our SOTP value of EUR 32/share.

Weaker performance across segments

Lower demand from consulting in Q2

Q2e: adj. EBITA of EUR 78m. Lower demand in Create starting to materialise, likely reflected in share price: TP of EUR 29 (32).

Good underlying performance in Q1

Q1: adj. EBITA above, but higher one-time expenses. '23e: Adj. EBITA unchanged, EBIT down 9%. Strategic reviews to unlock value: SOTP of EUR 32 (34).

Strong underlying growth and profitability