Redeye retains its positive view and Base Case in q.beyond following the Strategy 2028 and full 2025 numbers release. With net liquidity of ~EUR42m and no debt, the EV stands at ~EUR45m. This implies an undemanding EV/EBITA of 5.1x and EV/Sales of 0.2x for 2026e. The investment case rests on the significant margin catch-up potential relative to peers (10–13% EBITDA margins) and the floor provided by the strong balance sheet and data centre assets.
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