Solwers' Q3 sales were in line with our expectation, while EBITA was 8% ahead of our estimate, a clear improvement from the weak Q1 and Q2 plagued by one-offs. The company realised EUR 0.3m of cost savings in the quarter under its cost efficiency programme, targeting EUR 1m in savings compared to the 2024 cost level. However, at the EBIT level the results missed our EUR 0.5m estimate coming in at EUR 0.3m. September has been the most profitable month YTD. Following the Q3 report, we leave our top-line estimates largely unchanged, while we raise EBIT by 2-3% for 2025E-27E. We derive a lower DCF- and peer-based fair value range of EUR 2.8-3.3 (3.0-3.5), including a lower EUR 0.6 (0.4) per share for the present value of unannounced acquisitions.
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